v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
The components of lease expense and supplemental cash flow information are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Operating lease expense$298 $413 $599 $904 
Finance lease expense:
Amortization of assets39 29 79 29 
Interest on lease liabilities7 8 16 8 
Total finance lease expense 46 37 95 37 
Short-term lease expense521 392 1,094 877 
Total lease expense$865 $842 $1,788 $1,818 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$740 $1,094 $1,426 $2,175 
Operating cash flows from finance leases45 40 72 40 
Financing cash flows from finance leases38 25 75 25 
Maturities of lease liabilities as of June 30, 2026 are as follows (in thousands):
Years ending December 31,Operating LeasesFinance Leases
2026 (excluding first six months)$922 $90 
20271,865 180 
20281,731 57 
20291,644 — 
20301,249 — 
Thereafter54 — 
Total lease payments$7,465 $327 
Less: Interest(1,292)(25)
Present value of lease liabilities$6,173 $302 
Supplemental balance sheet information related to leases is as follows (in thousands):
June 30, 2026December 31, 2025
Operating Leases
Operating lease right-of-use assets$2,419 $2,718 
Current portion of operating lease liabilities1,324 1,251 
Long-term operating lease liabilities4,849 5,608 
Total operating lease liabilities$6,173 $6,859 
Finance Leases
Finance lease right-of-use assets$286 $365 
Current portion of finance lease liabilities$160 $153 
Long-term finance lease liabilities142 224 
Total finance lease liabilities$302 $377 
Weighted Average Remaining Lease Term
Operating leases4.2 years4.6 years
Finance leases1.9 years2.4 years
Weighted Average Discount Rate
Operating leases9.4 %9.4 %
Finance leases9.5 %9.5 %
Lease Agreement Income
The Company recorded income from the Lease Agreement (see Note 16, “Related Party Transactions”) of $6.8 million and $3.2 million during the three months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026 and 2025, the Company recorded income from the Lease Agreement of $13.7 million and $3.2 million, respectively.
At June 30, 2026, the minimum future lease income related to the Lease Agreement is as follows (in thousands):
Years ending December 31,Lease Agreement Income
2026 (excluding first six months)
$13,688 
202727,375 
202827,375 
202927,375 
2030 (1)
9,125 
Total rental income (through April 2030)
$104,938 
(1)Excludes rental income for the sixth year of the Lease Agreement as rental rates in year six will be determined based on prevailing market rates.
Sublease Income
On April 1, 2023, the Company entered into an agreement to sublease its office and lab space in Houston, Texas beginning September 1, 2023 and continuing through October 30, 2030. For the three months ended June 30, 2026 and 2025, the Company recorded rental income from the sublease of $0.2 million and $0.2 million, respectively, which is included in the Company’s statement of operations in Other income (expense), net. The Company recorded rental income from the sublease of $0.4 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively. Rental income from the sublease offsets the monthly rental expense from the Company’s lease of the facility. Sublease rental income for future years is as follows (in thousands):
Years ending December 31,Sublease Income
2026 (excluding first six months)
$383 
2027767 
2028767 
2029767 
2030639 
Total rental income$3,323 
Leases Leases
The components of lease expense and supplemental cash flow information are as follows (in thousands):
Three months ended June 30,Six months ended June 30,
2026202520262025
Operating lease expense$298 $413 $599 $904 
Finance lease expense:
Amortization of assets39 29 79 29 
Interest on lease liabilities7 8 16 8 
Total finance lease expense 46 37 95 37 
Short-term lease expense521 392 1,094 877 
Total lease expense$865 $842 $1,788 $1,818 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$740 $1,094 $1,426 $2,175 
Operating cash flows from finance leases45 40 72 40 
Financing cash flows from finance leases38 25 75 25 
Maturities of lease liabilities as of June 30, 2026 are as follows (in thousands):
Years ending December 31,Operating LeasesFinance Leases
2026 (excluding first six months)$922 $90 
20271,865 180 
20281,731 57 
20291,644 — 
20301,249 — 
Thereafter54 — 
Total lease payments$7,465 $327 
Less: Interest(1,292)(25)
Present value of lease liabilities$6,173 $302 
Supplemental balance sheet information related to leases is as follows (in thousands):
June 30, 2026December 31, 2025
Operating Leases
Operating lease right-of-use assets$2,419 $2,718 
Current portion of operating lease liabilities1,324 1,251 
Long-term operating lease liabilities4,849 5,608 
Total operating lease liabilities$6,173 $6,859 
Finance Leases
Finance lease right-of-use assets$286 $365 
Current portion of finance lease liabilities$160 $153 
Long-term finance lease liabilities142 224 
Total finance lease liabilities$302 $377 
Weighted Average Remaining Lease Term
Operating leases4.2 years4.6 years
Finance leases1.9 years2.4 years
Weighted Average Discount Rate
Operating leases9.4 %9.4 %
Finance leases9.5 %9.5 %
Lease Agreement Income
The Company recorded income from the Lease Agreement (see Note 16, “Related Party Transactions”) of $6.8 million and $3.2 million during the three months ended June 30, 2026 and 2025, respectively. For the six months ended June 30, 2026 and 2025, the Company recorded income from the Lease Agreement of $13.7 million and $3.2 million, respectively.
At June 30, 2026, the minimum future lease income related to the Lease Agreement is as follows (in thousands):
Years ending December 31,Lease Agreement Income
2026 (excluding first six months)
$13,688 
202727,375 
202827,375 
202927,375 
2030 (1)
9,125 
Total rental income (through April 2030)
$104,938 
(1)Excludes rental income for the sixth year of the Lease Agreement as rental rates in year six will be determined based on prevailing market rates.
Sublease Income
On April 1, 2023, the Company entered into an agreement to sublease its office and lab space in Houston, Texas beginning September 1, 2023 and continuing through October 30, 2030. For the three months ended June 30, 2026 and 2025, the Company recorded rental income from the sublease of $0.2 million and $0.2 million, respectively, which is included in the Company’s statement of operations in Other income (expense), net. The Company recorded rental income from the sublease of $0.4 million and $0.4 million for the six months ended June 30, 2026 and 2025, respectively. Rental income from the sublease offsets the monthly rental expense from the Company’s lease of the facility. Sublease rental income for future years is as follows (in thousands):
Years ending December 31,Sublease Income
2026 (excluding first six months)
$383 
2027767 
2028767 
2029767 
2030639 
Total rental income$3,323