v3.26.1
Leases (Tables)
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Component of Lease Expense

The components of lease expense are as follows (in thousands):

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Operating lease expense

 

$

1,654

 

 

$

1,623

 

 

$

3,292

 

 

$

3,257

 

Variable lease expense

 

 

644

 

 

 

280

 

 

 

1,402

 

 

 

1,132

 

Total lease expense

 

$

2,298

 

 

$

1,903

 

 

$

4,694

 

 

$

4,389

 
Summarizes Lease Expense

The following table summarizes lease expense incurred (in thousands):

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Research and development

 

$

1,973

 

 

$

1,608

 

 

$

4,217

 

 

$

3,686

 

General and administrative

 

 

325

 

 

 

294

 

 

 

477

 

 

 

702

 

Total lease expense

 

$

2,298

 

 

$

1,902

 

 

$

4,694

 

 

$

4,388

 
Schedule of Lease Terms and Discount Rate

The weighted average remaining lease term and discount rate related to the Company's leases are as follows:

 

June 30,
2026

 

 

December 31,
2025

 

Weighted average remaining lease term (years)

 

 

6.2

 

 

 

6.8

 

Weighted average discount rate

 

 

9.8

%

 

 

9.9

%

 
Schedule Of Supplemental Cash Flow Information Related To Leases

Supplemental cash flow information and other information relating to the Company's leases are as follows (in thousands):

 

 

Three months ended
June 30,

 

 

Six months ended
June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Cash paid for amounts included in the measurement of lease liabilities

 

$

1,995

 

 

$

948

 

 

$

3,993

 

 

$

1,856

 

Amortization of ROU assets

 

$

708

 

 

$

615

 

 

$

1,351

 

 

$

1,190

 
Schedule of Future Minimum Payments Under Non -cancelable Operating Leases

Future minimum lease payments under non-cancelable leases as of June 30, 2026 for each of the years ending December 31 are as follows (in thousands):

Undiscounted lease payments

 

 

 

Remainder of 2026

 

$

3,990

 

2027

 

 

8,204

 

2028

 

 

7,895

 

2029

 

 

7,575

 

2030

 

 

7,802

 

Thereafter

 

 

15,625

 

Total undiscounted minimum lease payments

 

 

51,091

 

Less: Imputed interest

 

 

(13,104

)

Total operating lease liability

 

$

37,987