The Company currently leases office space to conduct business operations. Lease renewal options are regularly evaluated, and when the exercise of an option is reasonably certain, the Company includes the renewal period in the lease term. The lease does not specify an implicit rate. Based on information available at the lease commencement date, the Company uses the incremental borrowing rate to determine the present value of lease payments.

The Company’s current office lease is scheduled to expire in December 2026. On July 28, 2026, the Company entered into a lease agreement for a new office location in Concord, Massachusetts to support its ongoing operations. The new lease will commence prior to the expiration of the current lease, and the Company is evaluating the accounting impact of the new lease arrangement in accordance with ASC Topic 842, Leases (ASC 842).

As of June 30, 2026, the Company maintained an unamortized Right-Of-Use asset with a corresponding operating lease liability of approximately $0.1 million based on the present value of the minimum rental payments in accordance with ASC 842. The weighted average discount rate used for leases as of June 30, 2026 is 9.1%. The weighted average remaining lease term as of June 30, 2026 was 0.50 years. The operating lease expense for the six months ended June 30, 2026 was $0.1 million.