5. Leases

Further information regarding our office leases and accounting thereof are located in Note 2, “Summary of Significant Accounting Policies,” and Note 6, “Leases,” in our Annual Report on Form 10-K filed with the SEC on March 27, 2026.

We recognize lease expense on a straight-line basis over the lease term with variable lease expense recognized in the period in which the costs are incurred. The components of lease expense are included in general and administrative expense in our condensed consolidated statements of operations. Lease expense for the three months ended March 31, 2026 and 2025 was $0.1 million and 0.1 million, respectively. The weighted-average remaining lease term for operating leases as of March 31, 2026 was 1.5 years.