Operating Leases

6 Months Ended

Jun. 30, 2026

7. Operating Leases

The Company leases offices in Bethesda (United States), Lugano (Switzerland), and Barcelona (Spain). Certain of the Company’s leases include options to extend or terminate the lease. Renewal options are included in the calculation of ROU assets and lease liabilities when the Company is reasonably certain that renewal options will be exercised. Periods subject to termination options are included in the lease term only when the Company is reasonably certain not to exercise the termination option. The Company’s lease agreements do not contain residual value guarantees or material restrictive covenants.

The operating lease expenses are reported as follows:


	Three Months Ended June 30					Six Months Ended June 30
	2026			2025		2026		2025
Research and development	$	21,697		$	36,676	$	43,564	$	70,587
General and administrative		10,109			9,686		20,310		18,574
Total operating lease costs	$	31,806		$	46,362	$	63,874	$	89,161

For the three months ended June 30, 2026 and 2025, the Company incurred short-term lease expense of $18 thousand for both periods. For the six months ended June 30, 2026 and 2025, the Company incurred short-term lease expense of $59 thousand and $35 thousand, respectively. This expense was recognized on a straight-line basis and reported within general and administrative costs.

The future minimum lease payments for the Company’s operating leases as of June 30, 2026, are as follows:


Fiscal Year	Operating Leases
2026	$	62,280
2027		79,634
2028		47,912
2029		49,156
2030		50,436
Total future minimum lease payments		289,418
Less amount representing interest or imputed interest		23,230
Present value of lease liabilities	$	266,188