The Company has an operating lease for lab space from Sanford Health, that started in June 2014 and initially ended in June 2019, at which time the lease was extended through August 2024. This lease was renewed in January 2025 and amended in April 2026 to reduce the leased space, and has a five-year-term ending on December 31, 2029.

The Company entered into a lease for office, laboratory, and warehouse space in November 2020, as amended in July 2022, and renewed in November 2023. This renewed lease has a 3-year term, with options to extend for 3 additional periods of 3 years each. The options were not included in the right of use calculation as it was unclear as to whether or not the location will meet the Company’s requirements beyond the next three years.

The Company entered into a lease for office space in Miami Beach, Florida in April 2024. In September 2025, the Company terminated this lease and entered into a new lease for expanded space. The new lease commenced in January 2026 with a five-year term.

In December 2018, the Company entered into a finance lease with Dakota Ag Properties for a new animal facility which includes the surrounding land. The facility and the land have been accounted for as separate lease components. The lease is based upon payback of

$4.0 million in construction costs, with a 20-year term at an interest rate of 8%. The Company has the option to purchase the asset at any time during the term of the lease for the balance of the unamortized lease payments.

The lease agreements do not require material variable lease payments, residual value guarantees or restrictive covenants.

The Company’s weighted-average remaining lease term and weighted-average discount rate for operating and finance leases as of June 30, 2026 and December 31, 2025 are:


	June 30, 2026		December 31, 2025
	Operating	Finance	Operating			Finance
Weighted-average remaining lease term (years)	3.66	12.42	3.62			12.92
Weighted-average discount rate (percentage)	15.06%	7.72%		9.45	%		7.72	%

The table below reconciles the undiscounted future minimum lease payments under non-cancelable leases with terms of more than one year to the total lease liabilities recognized on the condensed consolidated balance sheets as of June 30, 2026 (in thousands):


	Operating			Finance
2026 - remaining	$	423		$	201
2027		613			401
2028		627			401
2029		642			401
2030		210			401
Thereafter		—			3,180
Undiscounted future minimum lease payments		2,515			4,985
Less: Amount representing interest payments		(583	)		(1,785	)
Total lease liabilities		1,932			3,200
Less current portion		(481	)		(160	)
Noncurrent lease liabilities	$	1,451		$	3,040

The components of lease expense were as follows for the three and six months ended June 30, 2026 and 2025 (in thousands):


	For The Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease cost	$	246	$	268	$	547	$	536
Operating lease - cash payments		243		263		523		476
Finance lease cost - right-of-use asset amortization		22		22		43		43
Finance lease cost - interest expense		62		65		125		130
Finance lease - cash payments		100		100		201		201

(6) Leases