The Company’s headquarters are located in Boulder, Colorado, where it leases 14,790 square feet of office and lab facilities under operating leases that expire in December 2026, with rights to extend for a five-year period. In the Merger with Reneo, the Company assumed the lease in Irvine, California, where it leases office space under a lease agreement that expires in November 2026 (the “Irvine lease”). In January 2025, the Company entered into a sublease on the Irvine lease for all of the leased square footage, which expires in November 2026. Payments under the sublease for the three months ended March 31, 2026 and 2025 were $61 thousand and $53 thousand, respectively, and were netted against operating lease costs in the Statement of Operations.

Right-of-use assets and lease liabilities for operating leases as included in the Company’s financial statements are as follows (in thousands):


	March 31, 2026		December 31, 2025
Operating lease right-of-use assets	$	288	$	387
Current operating lease liabilities		409		549
Noncurrent operating lease liabilities		—		—
Total lease liabilities	$	409	$	549

Lease expense for operating leases, net of sublease receipts, as included in the Company’s financial statements are as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	43	$	51
Variable lease expense		43		45

Lease term, discount rates, and additional information for operating leases are as follows (in thousands):


	As of March 31,
	2026			2025
Weighted-average remaining lease term - operating leases (years)	0.7			1.72
Weighted-average discount rate - operating leases		4.5	%		4.5	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	145		$	140

The aggregate maturities of the Company’s operating lease liabilities were as follows as of March 31, 2026 (in thousands):


Remaining in 2026	$	415
Total future minimum lease payments		415
Less: imputed interest		(6	)
Less: current portion		(409	)
Operating lease liability, net of current portion	$	—