Leases

6 Months Ended

Jun. 30, 2026

Note 6. Leases

The Company leases office space under a non-cancellable operating lease. The Company’s prior San Jose, California lease terminated on March 31, 2026. In December 2025, the Company commenced another lease in San Jose, California. This lease has an expiration date in September 2032.

The components of operating lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2026		2025		2026		2025
Operating lease cost	$	420	$	275	$	1,116	$	550
Variable lease expense	104		157		321		315
Short-term lease expense	20		—		41		6
Total lease expense	$	544	$	432	$	1,478	$	871

Variable lease expense consists of the Company’s proportionate share of operating expenses, property taxes, and insurance.

As of June 30, 2026, the weighted-average remaining lease term was 6.3 years and the weighted-average discount rate was 11.3%.

As of June 30, 2026, the maturities of the Company’s operating lease liabilities were as follows:


(in thousands)
Remainder of 2026	$	434
2027	1,432
2028	1,872
2029	1,928
2030	1,985
Thereafter	3,621
Total lease payments	11,272
Less: Imputed interest	(3,419)
Present value of lease liabilities	$	7,853