The Company’s commitments are disclosed in “Note 6. Commitments and Contingencies” to the Company’s annual audited consolidated financial statements for the year ended December 31, 2025 included in the Form 10-K. Since the date of the Form 10-K, there have been no material changes to the Company’s commitments or contingencies, including leases, other than as described below.

In July 2025, the Company executed a sixty-three-month lease agreement to lease office space in Palo Alto, California. The lease commenced in March 2026 and includes annual lease payments during each of the first three years of approximately $1.5 million, with an increase of approximately 3% each year thereafter for the remainder of the lease. The Palo Alto lease includes an option to terminate after thirty-nine months, subject to a one-time termination fee equal to six months of base rent. The Palo Alto lease also includes a renewal option for one additional five-year period and does not have any residual value guarantees or any restrictions or covenants. The Company is not reasonably certain to exercise either the early-termination or renewal option, and therefore neither option is included in the measurement of the related right-of-use asset and lease liability upon commencement of the lease.

In connection with the buildout of the leased premises, the Company also entered into certain finance leases for leasehold improvements. As of the lease commencement date, these arrangements resulted in the recognition of approximately $0.6 million of finance lease right-of-use assets and corresponding lease liabilities.

As of June 30, 2026, future minimum lease payments included in the measurement of lease liabilities were as follows (in thousands):


	Operating leases			Finance leases
2026		929			325
2027		1,891			430
2028		1,936			250
2029 and thereafter		4,774			61
Total undiscounted lease payments		9,530			1,066
Less: imputed interest		(1,853	)		(114	)
Total lease liability		7,677			952
Less: current portion		1,237			518
Operating and finance lease liability, net of current portion	$	6,440		$	434

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases and finance leases (in thousands):


	Six Months Ended June 30,
	2026		2025
Operating leases:
Short-term lease cost	$	547	$	533
Variable lease cost		208		115
Operating lease cost		793		416
Total operating lease costs		1,548		1,064
Finance leases:
Amortization of right-of-use assets	$	229	$	191
Interest on lease liabilities		37		42
Financing obligation:
Interest expense		—		7
Total finance lease and financing obligation cost		266		240
Total lease cost	$	1,814	$	1,304

For the six months ended June 30, 2026, cash payments were $0.7 million, and $0.3 million for operating leases and finance leases, respectively. For the six months ended June 30, 2025, cash payments were $0.4 million, $0.2 million, and $0.1 million for operating leases, finance leases and financing obligation, respectively. The Company's financing obligation was completed in the third quarter of 2025. Interest expense is recorded within other expense in the Company’s unaudited Condensed Consolidated Statements of Operations. The weighted average discount rate and remaining terms are as follows:


	As of June 30,
	2026			2025
Weighted-average remaining lease term (in years)
Operating leases		4.9			—
Finance leases		2.1			2.0
Financing obligation		—			0.2
Weighted-average discount rate (percent)
Operating leases		8.86	%		8.00	%
Finance leases		9.11	%		10.50	%
Financing obligation		—			12.70	%

Except as disclosed in Note 7, no such other milestone events occurred during the three and six months ended June 30, 2026 and 2025.

The Company was not subject to any material legal proceedings during the six months ended June 30, 2026 and 2025, and, no material legal proceedings are currently pending or threatened.