5. Commitments and Contingencies

Operating Leases

The Company has entered into various facility lease agreements expiring at various dates through October 31, 2029, and generally include annual rent increases.

The maturities of operating lease liabilities were as follows (in thousands):

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Operating lease cost was $1.3 million and $1.1 million for the three months ended June 30, 2026 and 2025, respectively, including $0.4 million and $0.4 million short-term lease costs for the three months ended June 30, 2026 and 2025, respectively. Operating lease cost was $2.4 million and $1.8 million for the six months ended June 30, 2026 and 2025, respectively, including $0.7 million and $0.6 million short-term lease costs for the six months ended June 30, 2026 and 2025, respectively. As of June 30, 2026, the weighted average remaining lease term was 2.6 years, and the weighted average discount rate used to measure the lease liabilities for such operating leases upon recognition was 7.7%. During the six months ended June 30, 2026 and 2025, cash paid for amounts included in operating lease liabilities of $1.8 million and $1.4 million, respectively, was included in cash flows from operating activities on the condensed consolidated statements of cash flows.

Indemnification Agreements

In the ordinary course of business, the Company enters into agreements that may include indemnification provisions. Pursuant to such agreements, the Company may indemnify, hold harmless and defend an indemnified party for losses suffered or incurred by the indemnified party. Some of the provisions will limit losses to those arising from third-party actions. In some cases, the indemnification will continue after the termination of the agreement. The maximum potential number of future payments the Company could be required to make under these provisions is not determinable. The Company has not incurred material costs to defend lawsuits or settle claims related to these indemnification provisions. The Company has also entered into indemnification agreements with its directors and officers that require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers to the fullest extent permitted by the applicable law and the amended and restated memorandum and articles of association of the Company. The Company currently has directors’ and officers’ liability insurance. As of June 30, 2026 and December 31, 2025, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently had not recognized any related liabilities.

Legal Proceedings

The Company is subject to claims and assessments from time to time in the ordinary course of business but is not aware of any such matters, individually or in the aggregate, that will have a material adverse effect on the Company’s financial position, results of operations or cash flows.