Prior to 2025, the Company entered into lease agreements for office space located in Waltham, Massachusetts and San Diego, California, both of which were scheduled to expire in 2025 and were classified as operating leases. Each lease contained both fixed and variable lease payments. The lease for the premises in Waltham, Massachusetts included an option to extend the lease term for one six-month period.

In March 2025, the Company executed a new, seven-year, non-cancellable operating lease agreement for approximately 39,500 square feet of office space in Waltham, Massachusetts for its corporate headquarters. The lease commenced in October 2025, following completion of construction to prepare the premises for the Company’s intended use. The lease provided for base rent of $2.2 million for the first year, which will increase by approximately 2% each year. The Company’s lease payments also include real estate taxes and other operating expenses allocable to the leased premises, which exceed base year amounts. The Company has the option to extend the lease for one additional five-year term with base rent calculated on the then-market rate. In accordance with the lease agreement, the Company maintained a letter of credit of $0.8 million, which is refundable at the end of the lease term. As of March 31, 2026, the underlying cash balance collateralizing this letter of credit was classified as restricted cash (non-current) on the condensed consolidated balance sheets based on the release date of the restrictions of this cash. In connection with the new lease agreement, the Company amended its previous lease in Waltham, Massachusetts to extend the lease term to end shortly after the lease commencement date of its new lease agreement, which occurred in the fourth quarter of 2025.

Upon commencement of the lease for its corporate headquarters, the Company recognized operating lease liabilities of $10.6 million, based on an expected contractual obligation of $15.9 million and an incremental borrowing rate of 12.0% and recognized a right-of-use asset of $10.6 million.

The following table summarizes the effect of lease costs in the Company’s condensed consolidated statements of operations and comprehensive loss (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease costs	$	619	$	145
Variable lease costs		—		—
Total lease costs	$	619	$	145

For the three months ended March 31, 2026 and 2025, the Company made cash payments for operating leases of less than $0.6 million and $0.2 million, respectively.

The following table summarizes the future minimum lease payments due under operating leases as of March 31, 2026 (in thousands):


	Total minimum lease payments
Year Ending December 31,
2026	$	1,654
2027		2,220
2028		2,259
2029		2,299
2030		2,338
2031 and thereafter		4,387
Total lease payments		15,157
Less: interest		(4,687	)
Total lease liabilities	$	10,470

The total lease liabilities are presented on the Company’s consolidated balance sheets based on maturity dates. As of March 31, 2026, $1.0 million is classified under “operating lease liabilities, current” for the portion due within twelve months, and $9.4 million is classified under “operating lease liabilities, non-current.”

As of March 31, 2026, the weighted average remaining lease term was 6.6 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 12%.