13. Leases

The Company amended the Lease in January 2026 via the Second Lease Amendment, which extended the lease term through December 2029 and reduced the base rent commencing on January 28, 2026, with an option to extend the lease term for a period of up to four years. As a result of the Second Lease Amendment, the Company recorded a $1.3 million increase in its right-of-use asset and operating lease liabilities during the three months ended March 31, 2026. Future minimum lease payments, the weighted-average remaining lease term and discount rate for the Lease as of June 30, 2026 are as follows (in thousands):

Rent expense for each of the three months ended June 30, 2026 and 2025 was $0.2 million. Rent expense for the six months ended June 30, 2026 and 2025 was $0.4 million and $0.5 million, respectively.