In August 2021, the Company entered into an open-ended office lease agreement, effective November 1, 2021, to lease approximately 2,300 square feet of space on the last two floors of the building located at Dorfstrasse 29, 6300 Zug, Switzerland. In March 2026, the contract was reassessed, leading to a new estimated remaining effective duration of the lease period of 3 years, with expected expiration in December 2028.

On October 9, 2023, the Company entered into an office lease agreement, effective as of October 9, 2023, to lease approximately 3,900 square feet of office space on the fifth floor of the building located at Rua Manuel Pinto de Azevedo 860, 4150-335, Porto, Portugal. This lease has a 3-year initial term, with two extendable periods of 3 years each. The Company expects to exercise the first available option and extend this lease through October 2029.

On October 13, 2023, the Company entered into an office lease agreement, effective as of October 16, 2023, to lease approximately 6,000 square feet of office space on the first floor of the building located at 95 Regent Street, CB2 1AW, Cambridge, England, United Kingdom. This lease has a 3-year term agreement and is set to expire in October 2026.

On December 12, 2023, the Company entered into an open-ended office lease agreement, effective as of January 15, 2024, to lease approximately 1,700 square feet of additional office space at its existing corporate headquarters located at Dorfstrasse 29, 6300 Zug, Switzerland. In March 2026, the contract was reassessed, leading to a new estimated remaining effective duration of the lease period of 3 years, with expected expiration in December 2028.

On August 14, 2024, the Company entered into an office lease agreement, effective as of September 8, 2024, to lease approximately 2,000 square feet of additional office space at its existing office located at Rua Manuel Pinto de Azevedo 860, 4150-335, Porto, Portugal. This lease has a 2-year initial term, with two extendable periods of 3 years each. The Company expects to exercise the first available option and extend this lease through October 2029.

The weighted average remaining lease term and weighted average discount rate for the operating leases as of March 31, 2026 and December 31, 2025 were as follows:


	March 31, 2026		December 31, 2025
Weighted average remaining lease term	28 months		22 months
Weighted average discount rate	6.4	%	4.6	%

The future minimum annual lease payments under these operating leases as of March 31, 2026 are as follows:


(in thousands)
Fiscal Year	Amount
2026 (remainder of the year)	$	875
2027	487
2028	458
2029	98

Thereafter	—
Total lease payments	1,918
Less imputed interest	(133)
Total lease liability	1,785
Less current portion of lease liability	(920)
Long-term portion of operating lease liability	$	865

Operating cash outflows for amounts included in the measurement of lease liabilities were $381 thousand and $368 thousand for the three months ended March 31, 2026 and 2025, respectively.

The Company recorded the following lease and variable lease expenses for three months ended March 31, 2026 and 2025, respectively:


(in thousands)	Three Months Ended March 31, 2026		Three Months Ended March 31, 2025
Operating lease expense	$	369	$	364
Variable lease expense	21		11
Total lease expense	$	390	$	375