8. Leases

The Company has lease obligations, including amounts due on leases of certain office and laboratory space and laboratory equipment under the terms of non-cancelable operating and finance leases.

Office and Laboratory Facilities Lease

In September 2025, the Company entered into a non-cancelable operating sublease for office and laboratory space in Watertown, Massachusetts. The lease commenced in January 2026, has a term of 3 years with the option to extend for one additional two year period. The payments under this lease are subject to escalation clauses. The Company provided the landlord a stand-by letter of credit in the amount of $0.5 million, which is classified as restricted cash, long-term on the condensed consolidated balance sheet. The lease contains customary provisions restricting assignment and subleasing, requiring landlord consent, and imposing obligations related to use, insurance, indemnification, and compliance with underlying lease terms.

The lease requires the Company to pay fixed base rent, which is included in the measurement of the lease, as well as its proportionate share of the facilities operating expenses which are treated as variable lease costs based on the Company’s election to combine lease and associated non-lease components and are excluded from the measurement of the lease. The Company is not reasonably certain to exercise the renewal option, therefore it is not included in the measurement of the lease. Upon commencement, the Company recognized a right-of-use asset of $3.7 million and a corresponding lease liability of $3.6 million.

The Company also has a limited operating lease arrangement for laboratory space that provides the right to use designated research premises through December 31, 2026. The Company initially entered into the lease in December 2023 for a one-year term. The lease term was subsequently extended pursuant to amendments executed in the ordinary course of business, including an amendment entered into in December 2025 that extended the term through December 31, 2026.

Laboratory Equipment Leases

The Company has entered into various noncancelable financing leases for laboratory equipment used in research and development activities.

Lease Balances, Costs, and Future Minimum Payments

The following table summarizes the components of lease costs for the three and six months ended June 30, 2026 and 2025:

The discount rate for leases was estimated based upon market rates of collateralized loan obligations on comparable terms at the time of lease inception.