7. Leases

In August 2015, the Company entered into a lease agreement under which it leased office space located on the fourth floor of One Cavendish Place, London, with a lease term ending in August 2025. In June 2021, the Company entered into a new lease agreement to lease additional office space located on the fifth floor of that building for a lease period ending in June 2026. At the same time, the Company entered into a reversionary lease to extend the term for the original fourth floor lease to be coterminous with the fifth floor, ending in June 2026.

The total lease expense included in the statements of operations and comprehensive loss was $0.2 million for both the three months ended March 31, 2026 and 2025. There were no material variable lease costs.

The Company had no remaining lease liabilities as of March 31, 2026 as the final quarterly rental payment was made in advance during the three months ended March 31, 2026.