Leases

6 Months Ended

Jun. 30, 2026

The Company has entered into various long-term, non-cancelable operating lease arrangements for office spaces in Switzerland, Portugal, the United Kingdom, and the United States. The Company does not have any finance leases.

The weighted average remaining lease term and weighted average discount rate for the operating leases as of June 30, 2026 and December 31, 2025 were as follows:


	June 30, 2026		December 31, 2025
Weighted average remaining lease term	24 months		22 months
Weighted average discount rate	7.6	%	4.6	%

The future minimum annual lease payments under these operating leases as of June 30, 2026 are as follows:


(in thousands)
Fiscal Year	Amount
2026 (remainder of the year)	$	840
2027	741
2028	466
2029	103

Thereafter	—
Total lease payments	2,150
Less imputed interest	(132)
Total lease liability	2,018
Less current portion of lease liability	(1,246)
Long-term portion of operating lease liability	$	772

Operating cash outflows for amounts included in the measurement of lease liabilities were $786 thousand and $761 thousand for the six months ended June 30, 2026 and 2025, respectively.

The Company recorded the following lease and variable lease expenses for the three and six months ended June 30, 2026 and 2025, respectively:


(in thousands)	Three Months Ended June 30, 2026		Three Months Ended June 30, 2025		Six Months Ended June 30, 2026		Six Months Ended June 30, 2025
Operating lease expense	$	385	$	366	$	754	$	730
Variable lease expense	13		12		34		23
Total lease expense	$	398	$	378	$	788	$	753