The following table presents operating rent expense and related short-term lease costs (in thousands):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2026		2025		2026		2025
Rent expense	$	843	$	1,029	$	1,686	$	2,038
Variable lease expense		345		552		701		1,035
Rent expense related to short-term leases		18		116		36		232

Future minimum annual obligations under the Company’s operating leases with terms in excess of one year are as follows (in thousands):


PERIOD ENDED JUNE 30,
2026 (remaining)		1,706
2027		3,497
2028		3,603
2029		2,284
Total minimum lease payments		11,090
Less: amount representing interest		(1,241	)
Present value of operating lease liabilities		9,849
Less: operating lease liabilities, current		(3,299	)
Operating lease liabilities, net of current portion	$	6,550

As the Company’s leases do not provide an implicit rate, the Company uses an incremental borrowing rate based on an average discount rate, which was as follows:


	AS OF
	JUNE 30, 2026			DECEMBER 31, 2025
Weighted-average remaining lease term	3.2 years			3.6 years
Weighted-average discount rate		8.0	%		8.0	%

On July 22, 2022, the Company entered into a sublease (the Sublease Agreement) with Origis Operating Services, LLC, (the Sublessee), whereby the Company agreed to sublease to Sublessee all of the 13,405 rentable square feet of office space in San Diego, California previously leased by the Company under the Executive Drive Lease. The sublease commenced on August 1, 2022, and had a term through December 31, 2025. The aggregate base rent was approximately $2.6 million commencing August 1, 2022. The Company recorded sublease income as a reduction of general and administrative expense.

The Company did not recognize any sublease income for the three and six months ended June 30, 2026. The Company recognized sublease income of $0.2 million and $0.4 million for the three and six months ended June 30, 2025.