The Company has operating leases for office facilities with remaining terms of two years to eight years. Many leases include one or more options to renew, but renewals are not assumed in the determination of the lease term as the Company is not reasonably certain to exercise the renewals. These leases primarily relate to office space in the United States and the United Kingdom and generally require fixed monthly payments, some of which include rent-free periods and contractual rent escalations.

At lease commencement, the Company records a right-of-use asset and a corresponding lease liability based on the present value of lease payments over the lease term, using an incremental borrowing rate determined at lease commencement. All of the Company’s leases are classified as operating leases under FASB ASC Topic 842, Leases (“ASC 842”).

The Company recognizes lease expense in General and administrative on the condensed consolidated statements of operations and comprehensive loss. The components of lease expense were as follows (in thousands):


	Three Months Ended March 31,
		2026		2025
Operating lease expense		$	1,561	$	1,075
Short-term lease expense		56		16
Total lease expense		$	1,617	$	1,091


	March 31, 2026		December 31, 2025

Weighted-average remaining lease term (in years)	3.9		4.1
Weighted-average discount rate	6.2	%	6.2	%


Remaining 2026	$	6,204
2027	8,328
2028	7,726
2029	3,649
2030	1,235
Thereafter	1,760
Total undiscounted lease payments	28,902
Less: imputed interest	(3,195)
Total lease liabilities	$	25,707

During the three months ended March 31, 2026, in connection with its restructuring activities, the Company ceased use of substantially all of its leased office spaces in London, United Kingdom and San Francisco, California and recorded impairment charges to reduce the carrying values of the related operating lease right-of-use (“ROU”) assets to their estimated fair values.

For the London lease, fair value was estimated using a discounted cash flow analysis based on projected sublease income. For the San Francisco lease, fair value was estimated using observable inputs, including the terms of a lease termination amendment executed on April 10, 2026. See Note 23. Subsequent Events.

Total impairment charges of approximately $1.0 million are included within General and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. See Note 4. Restructuring Activities for additional information.