The Company has a real estate lease for the use of office space. In March 2026, the Company entered into an operating sublease agreement for a portion of its office space. Sublease income is recognized on a straight-line basis over the sublease term and totaled $26 for the three months ended March 31, 2026.


	Three Months Ended March 31,
	2026			2025
Operating lease costs during the period (1)	$	115		$	141
Cash payments included in the measurement of operating lease liabilities during the period (2)	163			—
Operating lease liability arising from obtaining lease right-of-use assets during the period	$	—		—
Weighted-average remaining lease term (in years) as of period-end	4.67			5.67
Weighted-average discount rate during the period	10.9		%	10.9		%

(1)Operating lease costs were presented net of sublease income that is not material for the three months ended March 31, 2026.

(2)The Company has a deferral period through January 2026 before any cash payments are required under a lease with an effective date of April 1, 2024 and an initial lease term of 6.67 years.

The Company generally utilizes its incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments since the implicit rate for the Company’s leases is not readily determinable.

Variable lease expense includes rental increases that are not fixed, such as those based on amounts paid to the lessor based on cost or consumption, such as maintenance and utilities.


	Three Months Ended March 31,
	2026		2025
Operating lease costs included in:
General and administrative	$	141	$	141
Total operating costs	141		141
Less sublease income	(26)		—
Total operating lease costs	$	115	$	141

Maturities of the operating lease liabilities as of March 31, 2026 are summarized as follows:


Years Ending December 31,
2026 (remaining nine months of the year)	$	489
2027	652
2028	652
2029	652
2030	597

Thereafter	—
Minimum lease payments	3,042
Less imputed interest	(666)
Present value of operating lease liabilities	2,376
Current portion of operating lease liabilities	413
Long-term portion of operating lease liabilities	1,963
Total operating lease liabilities	$	2,376