In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space (the “One Research Way Lease”) at One Research Way in Princeton, New Jersey (the “Premises”). The lease term initially extended through 2032, had a five-year extension option, and replaced the Company’s two prior facilities as the Company’s headquarters in March 2023. The Company estimated that payments under the One Research Way Lease would be $19,889 through May 2032. The Company received a lease incentive of $4,046 from the lessor for a buildout of laboratory, vivarium, and office space. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. Since the inception date of the lease, $4,046 reimbursements were received from the lessor.

In August 2024, the Company entered into a Lease Termination Agreement with BMR-One Research Way LLC (the “Landlord”), in connection with the termination of the One Research Way Lease (the “Termination Agreement”). The Termination Agreement was contingent on the sale of the Premises by the Landlord to a prospective new buyer, which was met on October 1, 2024, and, as a result, there was no modification in August 2024.

Pursuant to the Termination Agreement, the Company surrendered the Premises in October 2024 and paid a total termination fee of approximately $1,420, consisting of (i) a cash payment in the amount of approximately $798 and (ii) a release of a security deposit from the Company’s existing letter of credit in the amount of approximately $622. The transaction was accounted for as an immediate termination of an operating lease before the expiration of the lease term in accordance with ASC 842. The Company derecognized the lease-related asset and liability resulting in a gain of $4,850. Since the termination fee of $1,420 was not already included in the lease payments, the termination fee was recognized as a loss on termination of the lease. Further, the Company abandoned and wrote-off all the related leasehold improvements totaling $9,454 held at the Premises. This net activity totaling $6,024 was recorded as a loss within General and Administrative expense in the Statement of Operations for the year ended December 31, 2024.

In August 2024, the Company signed a sublease for 14,201 square feet of office space at 400 Alexander Park Drive, Suite 301, in Princeton, New Jersey, to be used as its new headquarters (the “400 Alexander Sublease”). The 400 Alexander Sublease commenced on October 1, 2024 and extends until February 28, 2027. Payment under the 400 Alexander Sublease will total $789 through February 2027.

In September 2024, the Company signed a sublease agreement for 3,205 square feet of office and laboratory space at 311 Pennington Rocky Hill Road in Hopewell, New Jersey (the “311 Pennington Sublease”). The Company utilizes the premises as laboratory space for research and development activities. The term of the 311 Pennington Sublease extended through 2029 and provided the Company with the option to extend the term for an additional three year period. Payment under the 311 Pennington Sublease totaled $192 through February 2026.

In March 2026, the 311 Pennington Sublease was terminated effective March 4, 2026, upon the termination of the primary lease between the master landlord and the tenant, in accordance with the terms of the sublease agreement. As a result, the Company accounted for the 311 Pennington Sublease termination as an immediate termination of an operating lease before the expiration of the lease term in accordance with ASC 842. Upon termination, the Company derecognized the related operating lease right‑of‑use asset and lease liabilities and recorded a net gain of approximately $24, which was recognized in General and Administrative expense in the accompanying Statement of Operations for the three months ended March 31, 2026.

The components of lease cost for the three months ended March 31, 2026 and 2025, were as follows:


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	106	$	118
Variable lease cost		20		17
Short-term lease cost		25		—
Total lease cost	$	151	$	135

Amounts reported in the balance sheet for leases where the Company is the lessee as of March 31, 2026, and December 31, 2025, were as follows:


Operating Leases (in thousands, except lease term and discount rate data):	March 31, 2026			December 31, 2025
Right-of-use assets, operating leases	$	283		$	801

Operating lease liabilities, current	$	293		$	403
Operating lease liabilities, non-current		—			435
Total operating lease liabilities	$	293		$	838

Weighted-average remaining lease term (years)		0.92			2.76
Weighted-average discount rate		13.70	%		13.70	%

Other information related to leases for the three months ended March 31, 2026 and 2025, respectively, were as follows:


	Three Months Ended March 31,
	2026			2025
Net cash paid for amounts included in the measurement of lease liabilities	$	109		$	203
Leased assets (derecognized) in exchange for new or modified operating lease liabilities		(432	)		(84	)

Future minimum lease payments, net of reimbursements, remaining as of March 31, 2026, under operating leases by fiscal year were as follows:


Fiscal year	(in thousands)
2026		253
2027		56
2028		—
2029		—
Thereafter		—
Total lease payments	$	309
Less: Present Value Adjustment		(16	)
Present value of lease payments	$	293

Rent expense recorded during the three months ended March 31, 2026 and 2025 was $131 and $118, respectively.

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.