6. Leases

Our principal executive offices are located in New York, New York, where we lease approximately 7,900 square feet of office space under a lease that terminates in 2027, and in San Francisco, where we lease approximately 19,418 square feet of office space that terminates in 2029. In the second half of 2026, we plan to occupy new principal executive offices in New York, New York, consisting of approximately 18,563 square feet of office space under a lease that will terminate in 2037. We also occupy office space located in Burlington, Massachusetts, where we lease approximately 2,235 square feet of office space under a lease that terminates in 2027, as well as a total of approximately 1,799 square meters of office space in the People’s Republic of China, in the cities of Beijing, Guangzhou, Hangzhou and Shanghai, under leases that terminate in 2026 through 2029.

Operating lease expense was $0.5 million and $0.9 million for the three months ended March 31, 2026 and 2025, respectively. Expense related to variable leases was not significant for the three months ended March 31, 2026 and 2025. Operating cash flows for the three months ended March 31, 2026 and 2025 included $0.6 million and $0.7 million for operating leases, respectively.

The weighted average incremental borrowing rate used to determine the operating lease liabilities was 9.1%. The Company's weighted average remaining lease term was 2.45 years as of March 31, 2026.

As of March 31, 2026, the Company had $21.6 million of total undiscounted future payments under operating leases that have not yet commenced, which were not included on the consolidated balance sheet. The operating lease will commence in the second half of 2026.