Leases

3 Months Ended

Mar. 31, 2026

6. Leases

The Company has an operating lease for office and laboratory space under an agreement which provides the right to use the underlying asset and requires lease payments during the lease term. The Company recorded a right-of-use operating lease asset and a

lease liability related to its operating lease (there are no finance leases). The Company’s lease expires in April 2027. The lease arrangement contains renewal provisions, exercisable at the Company's option. The probability of renewal is not reasonably certain and therefore not included in the right-of-use asset and lease liability. The Company's lease agreement does not contain any material residual value guarantees or material restrictive covenants.

Operating lease cost was $0.3 million and $0.2 million for the three months ended March 31, 2026 and 2025, respectively.

Information related to leases (in thousands):


	Three Months Ended March 31,
Operating Leases	2026			2025
Operating cash flow information:
Operating lease cost	$	277		$	203
Operating lease - cash flow	$	284		$	267

Weighted-average remaining lease term (years)		1.1			2.1
Weighted-average discount rate (percentage)		5.0	%		5.0	%

Future minimum payments under the operating leases as of March 31, 2026, are as follows (in thousands):


Years Ending December 31,	Amount
2026 (remaining nine months)	$	530
2027		240
Total		770
Less interest (5% discount rate)		(22	)
Total lease liability	$	748

Reported as:
Current portion of operating lease liability	$	688
Long-term portion of lease liability		60
Total lease liability	$	748