The Company has an operating lease for lab space from Sanford Health, under a lease that started in June 2014 and initially ended in June 2019, at which time the lease was extended through August 2024. This lease was renewed in January 2025 for a five-year-term ending on December 31, 2029. This lease can be terminated with one-year advance written notice and does not include an option to extend beyond the life of the current term. The lease costs are approximately $50 thousand per month through 2025, with an annual

increase of 2% through 2029. The lease does not provide an implicit rate, and, therefore, the Company used an IBR of 9.90% as the discount rate when measuring the operating lease liability. The Company estimated the IBR based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Company.

The Company entered into a lease for office, laboratory, and warehouse space in November 2020, as amended in July 2022, and renewed in November 2023. This renewed lease has a 3-year term, with options to extend for 3 additional periods of 3 years each. The options were not included in the right of use calculation as it was unclear as to whether or not the location will meet the Company’s requirements beyond the next three years. The lease costs are $31 thousand per month for the November 2023 lease renewal. The Company used an IBR of 8.14% as the discount rate when measuring the operating lease liability for the November 2023 lease renewal. The Company estimated the IBR based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Company.

In April 2024, the Company entered into a lease for 1,272 square feet of office space in Miami Beach, Florida. The initial term was 62 months, with monthly payments of approximately $7 thousand through 2024 and annual escalations of 4% through 2029. The lease liability was measured using an IBR of 7.12%. In September 2025, the Company terminated this lease and entered into a new lease for expanded space totaling 3,099 square feet in the same location. The new lease commenced in January 2026 with a 60-month term, monthly payments of approximately $17 thousand through 2026, and annual escalations of 3% through 2030. The new lease liability was measured using an IBR of 14.90%. The Company estimated the IBR based upon comparing interest rates available in the market for similar borrowings and the credit quality of the Company.

The lease agreements do not require material variable lease payments, residual value guarantees or restrictive covenants.

The amortizable lives of the operating lease assets are limited by their expected lease terms. The amortizable lives of the finance lease assets are limited by their expected lives, as the Company intends to exercise the purchase options at the end of the leases. The following is the estimated useful lives of the finance lease assets:

The Company’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of March 31, 2026 and December 31, 2025 are:


	March 31, 2026						December 31, 2025
2026 - remaining	Operating			Finance			Operating			Finance
Weighted-average remaining lease term (years)	3.77			12.67			3.62			12.92
Weighted-average discount rate (percentage)		11.20	%		7.72	%		9.45	%		7.72	%

The table below reconciles the undiscounted future minimum lease payments under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of March 31, 2026:


	Operating			Finance
2026 - remaining	$	830,626		$	301,122
2027		836,602			401,496
2028		855,450			401,496
2029		874,728			401,496
2030		211,021			401,496
Thereafter		—			3,178,510
Undiscounted future minimum lease payments		3,608,427			5,085,616
Less: Amount representing interest payments		(673,835	)		(1,847,085	)
Total lease liabilities		2,934,592			3,238,531
Less current portion		(763,705	)		(156,958	)
Noncurrent lease liabilities	$	2,170,887		$	3,081,573

Operating lease expense was approximately $301 thousand for the three months ended March 31, 2026, and $268 thousand for the three months ended March 31, 2025. Operating lease costs are included within research and development expenses on the condensed consolidated statements of operations and comprehensive loss.

Finance lease costs for the three months ended March 31, 2026 included approximately $22 thousand in right-of-use asset amortization and approximately $63 thousand of interest expense.

Finance lease costs for the three months ended March 31, 2025 included approximately $22 thousand in right-of-use asset amortization and approximately $66 thousand of interest expense. Finance lease costs are included within research and development expenses on the condensed consolidated statements of operations and comprehensive loss.

Cash payments under operating leases were approximately $280 thousand for the three months ended March 31, 2026. Cash payments under finance leases were approximately $100 thousand for the three months ended March 31, 2026.

Cash payments under operating leases were approximately $213 thousand for the three months ended March 31, 2025. Cash payments under finance leases were approximately $100 thousand for the three months ended March 31, 2025.

(6) Leases