The Company has a lease agreement for its facility in Boston, Massachusetts, which is the Company’s principal executive office. There are no restrictions or financial covenants associated with this lease agreement. The Company had an operating lease for approximately 1,200 square meters of laboratory and office space in Vienna, Austria that commenced in February 2021 for a term of seven years. Effective November 30, 2025, the Company terminated the lease in accordance with a lease amendment entered into with the landlord. Accordingly, the Company accelerated the amortization of the right-of-use asset to zero and adjusted the remaining lease obligation to zero as of December 31, 2025.

On April 29, 2026, the Company entered into a lease agreement for approximately 11,000 square feet of office space in a building located in Watertown, Massachusetts (the “Watertown Lease”). The office space will replace the Company’s current headquarters located in Boston, Massachusetts. The Company intends to move into the premises in late 2026 or early 2027 upon the completion of construction, which is anticipated to commence in September 2026. Monthly rent payments under the lease will commence three months following the Company obtaining access to the space. Base rental payments will be approximately $0.3 million annually, plus certain operating expenses. The term of the lease will continue for 36 months following the commencement of rent payments, unless earlier terminated in accordance with the terms of the lease. The Company has the right to sublease the premises, subject to landlord consent. The Company also has the right to renew the lease for an additional 3 years at the then prevailing effective market rental rate. The Company was required to provide the landlord with a $0.1 million letter of credit, which is classified as restricted cash.


(dollars in thousands)	Three Months Ended June 30,						Six Months Ended June 30,
Lease Cost	2026			2025			2026			2025
Fixed operating lease cost	$	400		$	1,085		$	800		$	1,572

Total lease expense	$	400		$	1,085		$	800		$	1,572
Other information

Operating cash outflows from operating leases	$	287		354			$	574		$	702
Weighted-average remaining lease term—operating leases	0.4			1.8			0.4			1.8
Weighted-average discount rate—operating leases	11.5		%	11.5		%	11.5		%	11.5		%