The Company leases 38,613 square feet of office and laboratory space in San Diego, California, under a lease that terminates on April 30, 2032. As of March 31, 2026, the right-of-use asset balance associated with this lease was $3,230,489.

The Company currently also leases office space in Cambridge, Massachusetts and New York, New York, pursuant to short-term arrangements. In September 2025, the Company executed a one year lease for its existing office space in Cambridge with a term that commenced on December 1, 2025 and ends on November 30, 2026. The New York lease was most recently renewed on October 1, 2025 to extend the lease term through September 30, 2026. These lease agreements include or included payments for lease and non-lease components. The Company has elected to not separate such components and these payments were recognized as rent expense.

As of March 31, 2026, total future minimum lease payments for its short-term leases in Cambridge, Massachusetts and New York, New York were $96,708 due in 2026.

Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at March 31, 2026 were as follows:


	Amount
Remainder of 2026	$	572,826
2027	784,737
2028	808,278
2029	832,527
2030	857,496
Thereafter	1,184,208
Total future lease payments	5,040,072
Less: imputed interest	(1,309,868)
Total lease liabilities	$	3,730,204
Lease liabilities	$	412,835
Lease liabilities, net of current portion	3,317,369
Total lease liabilities	$	3,730,204


	March 31, 2026			March 31, 2025
Lease costs:
Operating lease cost	$	186,590		$	186,590
Short-term lease cost	43,428			31,278

Total lease costs	$	230,018		$	217,868
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	189,051		$	183,546
Operating cash flows from short-term leases	43,428			31,278
	$	232,479		$	214,824
Weighted-average remaining lease term - operating leases	6.08 years			7.08 years
Weighted-average discount rate - operating leases	10.0		%	10.0		%

As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments.

From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities and may be exposed to litigation in connection with its product candidates and operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. When it is probable that future expenditures will be made and can be reasonably estimated, the Company will accrue a liability for such matters. Significant judgment is required to determine both probability and estimated amount. The Company is not aware of any material legal matters.

The Company may enter into contracts in the normal course of business with contract research organizations for clinical trials, with contract manufacturing organizations for clinical supplies, and with other vendors for preclinical studies, supplies and other services for the Company’s operating purposes. These contracts generally provide for termination with a 30-day notice.