v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The Company maintains operating leases for manufacturing, laboratory and office space located in Maryland and Massachusetts. In Frederick, Maryland, the Company occupies over 35,000 total square feet of integrated space under a lease agreement, or the Frederick Lease Agreement, and subsequent amendments entered into between February 2024 and June 2025, or the Amended Frederick Lease Agreement. The Amended Fredrick Lease Agreement is set to expire in 2031, carries an aggregate annual base rent of approximately $1.4 million and is subject to annual increases in accordance with the terms of the
Amended Frederick Lease Agreement. See Note 9, “Leases” to the consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2025 for further discussion of the Company’s leases.
For the three months ended March 31, 2026 and 2025, the components of lease costs were as follows (in thousands):
Three Months Ended March 31,
20262025
Operating lease cost$583 $584 
Variable lease cost431 406 
Short-term lease cost4 11 
Total lease cost$1,018 $1,001 
The maturity of the Company’s operating lease liabilities as of March 31, 2026 were as follows (in thousands):
March 31, 2026
2026 (remainder)$3,571 
20274,554 
20282,529 
20291,630 
20301,679 
Thereafter852 
Total future minimum lease payments14,815 
Less: Imputed interest(2,960)
Total operating lease liabilities$11,855 
Other information related to operating leases was as follows:
March 31,
20262025
Cash paid for amounts included in the measurement of lease liabilities (in thousands)
$1,169$317
Weighted-average remaining lease term3.7 years4.4 years
Weighted-average discount rate12.2%11.8%
The changes in the Company’s right-of-use assets and lease liabilities for the three months ended March 31, 2026 and 2025 are reflected in the non-cash lease expense and accrued expenses and other liabilities, respectively, in the consolidated statements of cash flows.