Leases

12 Months Ended

Dec. 31, 2025

Note 6. Leases

The Company leases office space under non-cancellable operating leases. In January 2021, the Company commenced a lease in San Jose, California. Due to an event of default under the lease occurring in October 2024, and the likelihood of the landlord executing its right to early terminate the lease as a result, the Company determined this represented a remeasurement event and remeasured the lease as of December 31, 2024. On February 26, 2025, the landlord executed its option to terminate the lease early on March 31, 2026. In December 2025, the Company commenced another lease in San Jose, California. This lease has an expiration date in September 2032.

The components of operating lease expense were as follows:


	Year Ended December 31,
(in thousands)		2025		2024
Operating lease cost		$	1,240	$	1,470
Variable lease expense		660		600
Short-term lease expense		46		74
Total lease expense		$	1,946	$	2,144

Variable lease expense consists of the Company’s proportionate share of operating expenses, property taxes, and insurance.

As of December 31, 2025, the weighted-average remaining lease term was 6.5 years and the weighted-average discount rate was 16.2%.

As of December 31, 2025, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
2026	$	922
2027	1,432
2028	1,872
2029	1,928
2030	1,985
Thereafter	3,621
Total lease payments	11,760
Less: Imputed interest	(3,937)
Present value of lease liabilities	$	7,823