As of March 31, 2026, the Company had commercial real estate lease agreements for office space under operating leases.

The table below presents supplemental information related to the operating leases:


	Three Months Ended March 31,
	2026		2025

Cash payments included in the measurement of operating lease liabilities during the period	$	279	$	150
Operating lease liabilities arising from obtaining lease right-of-use assets during the period	$	1,400	$	890
Weighted-average remaining lease term (in months) as of period-end	38		37
Weighted-average discount rate during the period	8.95%		8.97%

The Company utilizes its incremental borrowing rates on a collateralized basis, reflecting the Company’s credit quality and the term of the lease at the commencement of the lease in determining the present value of future payments since the implicit rate for the Company’s leases is not readily determinable.

Variable lease expense includes lease payments that vary based on usage or performance and are not fixed at lease commencement. Payments for services such as maintenance, utilities, and real estate taxes are accounted for as non-lease components and expensed as incurred.


	Three Months Ended March 31,
		2026		2025
Operating lease costs included in:
Research and development		$	260	$	151
General and administrative		105		80
Total operating costs (1)		$	365	$	231

(1) Month-to-month lease arrangements for the three months ended March 31, 2026 and 2025 of $57 and $71, respectively, are included in the captions within operating lease costs.

The minimum lease payments below do not include non-lease components, which are contractual obligations under the Company’s lease, but are not fixed and can fluctuate from period to period and are expensed as incurred.

As of March 31, 2026, future maturities of the operating lease liabilities were as follows:


2026 (remaining of year)	$	1,045
2027	614
2028	614
2029	635
2030	106

Minimum lease payments	3,014
Less imputed interest	(394)
Present value of operating lease liabilities	$	2,620
Current portion of operating lease liabilities	$	1,031
Noncurrent portion of operating lease liabilities	1,589
Total operating lease liabilities	$	2,620

On March 16, 2026, the Company entered into a ground lease for land in Caldwell County, Texas. The lease had not commenced as of March 31, 2026 because the premises had not been delivered until April 2026.