Operating Leases |
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| Operating Leases | 7. Operating Leases The Company leases offices in Bethesda (United States), Lugano (Switzerland), and Barcelona (Spain). Certain of the Company’s leases include options to extend or terminate the lease. Renewal options are included in the calculation of ROU assets and lease liabilities when the Company is reasonably certain that renewal options will be exercised. Periods subject to termination options are included in the lease term only when the Company is reasonably certain not to exercise the termination option. The Company’s lease agreements do not contain residual value guarantees or material restrictive covenants. The operating lease expenses are reported as follows:
In the three months ended March 31, 2026 and 2025, the Company incurred short-term lease expense of $41 thousand and $18 thousand respectively. This expense was recognized on a straight-line basis and reported within general and administrative costs. The future minimum lease payments for the Company’s operating leases as of March 31, 2026, are as follows:
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