v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
As of June 30, 2026, the Company had commercial real estate lease agreements for office space under operating leases and land under a finance lease.

The table below presents supplemental information related to the operating and finance leases:
Six Months Ended June 30,
20262025
Cash payments included in the measurement of operating lease liabilities during the period$637 $376 
Cash payments included in the measurement of finance lease liability during the period750 — 
Operating lease liabilities arising from obtaining lease right-of-use assets during the period2,016 1,142 
Finance lease liability arising from obtaining lease right-of-use asset during the period933 — 

Weighted average remaining lease terms and weighted average discount rates were as follows as of June 30, 2026:
Operating LeasesFinance Lease
Weighted-average remaining lease term (in years) as of period-end
3.414.8
Weighted-average discount rate during the period8.94%9.50%

The Company utilizes an estimated incremental borrowing rate on a collateralized basis, reflecting the term of the lease and the Company’s credit profile at the commencement of the lease in determining the present value of future payments since the implicit rate for the Company’s leases is not readily determinable.

Variable lease expense includes lease payments that vary based on usage or performance and are not fixed at lease commencement. Payments for services such as maintenance, utilities, and real estate taxes are accounted for as non-lease components and expensed as incurred.

Finance lease right-of-use asset is included within other assets on the condensed consolidated balance sheets. Finance lease liability of $187 is included within other liabilities on the condensed consolidated balance sheets.

The components of operating and finance lease costs were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease costs included in:
Research and development$1,486 $212 $1,746 $363 
General and administrative742 106 847 186 
Total operating costs (1)
2,228 318 2,593 549 
Finance lease cost:
Interest on lease liabilities4 — 4 — 
Total lease cost$2,232 $318 $2,597 $549 

(1) Month-to-month lease arrangements for the three months ended June 30, 2026 and 2025 of $1,865 and $80, respectively, and six months ended June 30, 2026 and 2025 of $1,922 and $151, respectively, are included in the captions within operating lease costs.

The minimum lease payments below do not include non-lease components, which are contractual obligations under the Company’s lease, but are not fixed and can fluctuate from period to period and are expensed as incurred.
As of June 30, 2026, future maturities of the operating and finance lease liabilities were as follows:
Operating Leases
Finance Lease
2026 (remaining of year)$801 $— 
2027901 — 
2028910 — 
2029793 — 
2030270 — 
Thereafter125 750 
Minimum lease payments3,800 750 
Less imputed interest(541)(563)
Present value of lease liabilities$3,259 $187 
Current portion of lease liabilities$1,025 $— 
Noncurrent portion of lease liabilities2,234 187 
Total lease liabilities$3,259 $187 
Leases Leases
As of June 30, 2026, the Company had commercial real estate lease agreements for office space under operating leases and land under a finance lease.

The table below presents supplemental information related to the operating and finance leases:
Six Months Ended June 30,
20262025
Cash payments included in the measurement of operating lease liabilities during the period$637 $376 
Cash payments included in the measurement of finance lease liability during the period750 — 
Operating lease liabilities arising from obtaining lease right-of-use assets during the period2,016 1,142 
Finance lease liability arising from obtaining lease right-of-use asset during the period933 — 

Weighted average remaining lease terms and weighted average discount rates were as follows as of June 30, 2026:
Operating LeasesFinance Lease
Weighted-average remaining lease term (in years) as of period-end
3.414.8
Weighted-average discount rate during the period8.94%9.50%

The Company utilizes an estimated incremental borrowing rate on a collateralized basis, reflecting the term of the lease and the Company’s credit profile at the commencement of the lease in determining the present value of future payments since the implicit rate for the Company’s leases is not readily determinable.

Variable lease expense includes lease payments that vary based on usage or performance and are not fixed at lease commencement. Payments for services such as maintenance, utilities, and real estate taxes are accounted for as non-lease components and expensed as incurred.

Finance lease right-of-use asset is included within other assets on the condensed consolidated balance sheets. Finance lease liability of $187 is included within other liabilities on the condensed consolidated balance sheets.

The components of operating and finance lease costs were as follows:
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating lease costs included in:
Research and development$1,486 $212 $1,746 $363 
General and administrative742 106 847 186 
Total operating costs (1)
2,228 318 2,593 549 
Finance lease cost:
Interest on lease liabilities4 — 4 — 
Total lease cost$2,232 $318 $2,597 $549 

(1) Month-to-month lease arrangements for the three months ended June 30, 2026 and 2025 of $1,865 and $80, respectively, and six months ended June 30, 2026 and 2025 of $1,922 and $151, respectively, are included in the captions within operating lease costs.

The minimum lease payments below do not include non-lease components, which are contractual obligations under the Company’s lease, but are not fixed and can fluctuate from period to period and are expensed as incurred.
As of June 30, 2026, future maturities of the operating and finance lease liabilities were as follows:
Operating Leases
Finance Lease
2026 (remaining of year)$801 $— 
2027901 — 
2028910 — 
2029793 — 
2030270 — 
Thereafter125 750 
Minimum lease payments3,800 750 
Less imputed interest(541)(563)
Present value of lease liabilities$3,259 $187 
Current portion of lease liabilities$1,025 $— 
Noncurrent portion of lease liabilities2,234 187 
Total lease liabilities$3,259 $187