Leases

3 Months Ended

Mar. 31, 2026

Note 6. Leases

The Company leases office space under a non-cancellable operating lease. The Company’s prior San Jose, California lease terminated on March 31, 2026. In December 2025, the Company commenced another lease in San Jose, California. This lease has an expiration date in September 2032.

The components of operating lease expense were as follows:


	Three Months Ended March 31,
(in thousands)		2026		2025
Operating lease cost		$	695	$	275
Variable lease expense		218		158
Short-term lease expense		20		6
Total lease expense		$	933	$	439

Variable lease expense consists of the Company’s proportionate share of operating expenses, property taxes, and insurance.

As of March 31, 2026, the weighted-average remaining lease term was 6.5 years and the weighted-average discount rate was 11.3%.

As of March 31, 2026, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
Remainder of 2026	$	503
2027	1,432
2028	1,872
2029	1,928
2030	1,985
Thereafter	3,621
Total lease payments	11,341
Less: Imputed interest	(3,637)
Present value of lease liabilities	$	7,704