The Company has historically entered into lease arrangements for its facilities. As of June 30, 2026, the Company had two operating leases with required future minimum payments. The Company determined the classification of these leases to be operating leases and recorded right-of-use assets and lease liabilities as of the effective dates. The Company’s leases generally do not include termination or purchase options.

On December 5, 2025, the Company entered into a sublease for the remaining floor of its Cambridge, Massachusetts office space. The sublease terminates on August 31, 2028, which is also the date on which the Company's lease terminates. Sublease income is recognized on a straight-line basis over the term of the sublease agreement. The Company was not relieved of its primary obligation under the Cambridge office lease as a result of the sublease. As part of the Company’s evaluation of the December 2025 sublease, it was determined that the estimated undiscounted sublease income did not exceed the net book value of the related long-term assets, which includes right-of-use assets and property and equipment associated with the subleased space. Accordingly, the Company recorded an impairment charge of $2,025 related to the right-of-use asset and an impairment charge of $580 related to the associated property and equipment.

On June 19, 2024, the Company entered into a sublease for its office and laboratory space in New York, NY. The sublease terminated on June 30, 2026, with the option to extend to June 30, 2027. Sublease income is recognized on a straight-line basis over the term of the sublease agreement. The Company was not relieved of its primary obligation under the New York lease as a result of the sublease. In December 2025, the subtenant did not exercise its option to extend the sublease, accordingly it terminated on June 30, 2026. As part of the Company’s evaluation of the termination of the sublease, it was determined that the undiscounted cash flows projected from an anticipated future sublease did not exceed the net book value of the related long-term assets, which includes right-of-use assets and property and equipment associated with the subleased space. Accordingly, the Company recorded an impairment charge of $4,626 related to the right-of-use asset and an impairment charge of $117 related to the associated property and equipment in December 2025.

On May 15, 2026, the Company entered into a sublease for its office and laboratory space in New York, NY beginning July 1, 2026. Unless terminated earlier, the sublease expires on June 30, 2028, with the option to extend either by one year or for the remainder of the master lease term to August 30, 2032. Sublease income is recognized on a straight-line basis over the term of the sublease agreement. The Company was not relieved of its primary obligation under the New York lease as a result of the sublease.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the three and six months ended June 30, 2026 and 2025:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Lease Cost
Operating lease cost	$	778	$	1,054	$	1,563	$	2,108

Variable lease cost	228		229		441		488
Sublease income	(1,060)		(1,017)		(2,100)		(2,007)
Total lease cost	$	(54)	$	266	$	(96)	$	589


	Six Months Ended June 30,
Other Operating Lease Information	2026			2025

Cash paid for amounts included in the measurement of lease liability	$	2,279		$	2,219
Weighted-average remaining lease term	4.8			5.6
Weighted-average discount rate	5.3		%	5.3		%

The variable lease costs for the three and six months ended June 30, 2026 and 2025 include common area maintenance and other operating charges. As the Company’s leases do not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.