In August 2025, the Company entered into a lease agreement for office space (“Boylston Lease”) with 500 Boylston & 222 Berkeley Owner (DE) LLC (the “Boylston Landlord”). The commencement date of the lease was September 1, 2025, and the Boylston Lease will expire on August 31, 2031, unless terminated earlier in accordance with the lease agreement. The Company has the option to extend the term for one additional five-year period.

Payments due associated with the Boylston Lease include both fixed and variable payments. Total fixed lease payments under the lease agreement are $3.8 million. Variable payments relate to the Company’s share of the Boylston Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed occurs. The Boylston Lease does not contain a residual value guarantee.

In conjunction with the Boylston Lease, the Company was required to execute an irrevocable standby letter of credit of $0.2 million for the benefit of the Boylston Landlord. As of March 31, 2026, the funds securing the letter of credit were presented as restricted cash equivalents on the condensed consolidated balance sheets.

The elements of lease expense were as follows:


	Three Months Ended March 31,
(in thousands)	2026		2025
Operating lease cost	$	158	$	1,951
Variable lease cost		59		711
Total lease cost	$	217	$	2,662

Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	March 31, 2026			December 31, 2025
Assets
Operating lease right-of-use assets	$	2,827		$		2,936
Liabilities
Operating lease liabilities, current	$	307		$		280
Operating lease liabilities, non-current		2,632				2,720
Total lease liabilities	$	2,939		$		3,000
Weighted-Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)		5.4			5.7
Weighted-average discount rate		6.7	%			6.7	%

The following table represents other lease activity:


	Three Months Ended March 31,
(in thousands)	2026		2025
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	110	$	1,688