v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
The Company leases laboratory and office space under a non-cancelable operating lease (the “Operating Lease”). There have been no material changes to the Company's Operating Lease during the three and six months ended June 30, 2026. For additional information, see Note 10, Leases, to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
The components of lease expense were as follows for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$1,285 $1,881 $2,570 $3,813 
Variable lease cost— 699 — 1,507 
$1,285 $2,580 $2,570 $5,320 
Supplemental disclosure of cash flow information related to leases was as follows (in thousands):
Six Months Ended June 30,
20262025
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities$— $5,480 
Non-cash investing and financing activities:
Financing lease liabilities arising from obtaining right-of-use assets— 1,200 
Decrease in operating lease liabilities and right-of-use assets due to lease remeasurement— 8,800 
The weighted average remaining lease term and discount rate was as follows:
June 30, 2026December 31, 2025
Weighted-average remaining lease term—operating leases (in years)9.29.7
Weighted-average discount rate—operating leases7.24 %7.24 %
Future annual minimum lease payments under the Office Lease as of June 30, 2026 were as follows (in thousands):
Remainder of 2026 (six months)$979 
20274,280 
20285,713 
20296,774 
20306,977 
Thereafter36,088 
Total future minimum lease payments60,811 
Less: imputed interest(17,709)
Total operating lease liabilities$43,102 
Included in the consolidated balance sheets (in thousands):June 30, 2026December 31, 2025
Current operating lease liabilities$2,819 $923 
Operating lease liabilities, net of current portion40,283 40,347 
Total operating lease liabilities$43,102 $41,270 

Sublease agreements
Through December 2025, the Company had subleased portions of premises under a previous office lease in Cambridge, Massachusetts. For additional information, see Note 10, Leases, to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
For the three and six months ended June 30, 2026, the Company recorded no other income related to subleases as the Company has no subleases as of June 30, 2026. For the three and six months ended June 30, 2025, the Company recorded other income of $0.9 million and $2.3 million, respectively, related to its subleases.
Leases Leases
The Company leases laboratory and office space under a non-cancelable operating lease (the “Operating Lease”). There have been no material changes to the Company's Operating Lease during the three and six months ended June 30, 2026. For additional information, see Note 10, Leases, to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
The components of lease expense were as follows for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease cost$1,285 $1,881 $2,570 $3,813 
Variable lease cost— 699 — 1,507 
$1,285 $2,580 $2,570 $5,320 
Supplemental disclosure of cash flow information related to leases was as follows (in thousands):
Six Months Ended June 30,
20262025
Supplemental cash flow information:
Cash paid for amounts included in the measurement of operating lease liabilities$— $5,480 
Non-cash investing and financing activities:
Financing lease liabilities arising from obtaining right-of-use assets— 1,200 
Decrease in operating lease liabilities and right-of-use assets due to lease remeasurement— 8,800 
The weighted average remaining lease term and discount rate was as follows:
June 30, 2026December 31, 2025
Weighted-average remaining lease term—operating leases (in years)9.29.7
Weighted-average discount rate—operating leases7.24 %7.24 %
Future annual minimum lease payments under the Office Lease as of June 30, 2026 were as follows (in thousands):
Remainder of 2026 (six months)$979 
20274,280 
20285,713 
20296,774 
20306,977 
Thereafter36,088 
Total future minimum lease payments60,811 
Less: imputed interest(17,709)
Total operating lease liabilities$43,102 
Included in the consolidated balance sheets (in thousands):June 30, 2026December 31, 2025
Current operating lease liabilities$2,819 $923 
Operating lease liabilities, net of current portion40,283 40,347 
Total operating lease liabilities$43,102 $41,270 

Sublease agreements
Through December 2025, the Company had subleased portions of premises under a previous office lease in Cambridge, Massachusetts. For additional information, see Note 10, Leases, to the consolidated financial statements in the Company's Annual Report on Form 10-K for the year ended December 31, 2025.
For the three and six months ended June 30, 2026, the Company recorded no other income related to subleases as the Company has no subleases as of June 30, 2026. For the three and six months ended June 30, 2025, the Company recorded other income of $0.9 million and $2.3 million, respectively, related to its subleases.