Leases	6 Months Ended
Jun. 30, 2026
Leases
Leases	5. Leases During the six months ended June 30, 2026, the Company entered into three lease arrangements with the Board of Regents of The Texas A&M University System related to its operations at the Texas A&M-RELLIS campus in Bryan, Texas. In March 2026, the Company commenced an operating lease for approximately 1,775 square feet of office space. The lease has an initial term of two years and provides the Company with three additional one-year renewal options. Annual base rent is approximately $116 and increases by 3.5% beginning on the second anniversary of the lease commencement date and annually thereafter. On June 15, 2026, the Company entered into two ground lease arrangements with the Texas A&M University System covering an aggregate of approximately 77.7 acres at the Texas A&M-RELLIS campus. The first lease covers approximately 44.4 acres, expires on March 31, 2028, and provides for annual base rent of approximately $1,110, payable quarterly and subject to a 3.75% increase on the first anniversary of the commencement date. The second lease covers approximately 33.3 acres, has an initial term ending September 1, 2026, and may be extended through April 30, 2027. Annualized base rent under the second lease is approximately $0.8 million, payable quarterly and prorated for any partial period, before any approved sponsored-research credits. Because the term of the 33.3-acre lease, including the extension period, does not exceed 12 months, the Company elected the short-term lease recognition exemption and did not recognize a right-of-use asset or lease liability for that arrangement. Payments under the short-term lease are recognized as lease expense over the lease term. In connection with operating leases commenced during the six months ended June 30, 2026, the Company recognized approximately $2,125 of operating lease right-of-use assets and corresponding lease liabilities. As of June 30, 2026 and December 31, 2025, operating lease right-of-use assets were approximately $3,595 and $1,814, respectively, and operating lease liabilities were approximately $3,809 and $1,984, respectively. As of June 30, 2026, operating lease liabilities included approximately $1,803 classified as current and $2,006 classified as noncurrent.

Leases

6 Months Ended

Jun. 30, 2026

5. Leases

During the six months ended June 30, 2026, the Company entered into three lease arrangements with the Board of Regents of The Texas A&M University System related to its operations at the Texas A&M-RELLIS campus in Bryan, Texas.

In March 2026, the Company commenced an operating lease for approximately 1,775 square feet of office space. The lease has an initial term of two years and provides the Company with three additional one-year renewal options. Annual base rent is approximately $116 and increases by 3.5% beginning on the second anniversary of the lease commencement date and annually thereafter.

On June 15, 2026, the Company entered into two ground lease arrangements with the Texas A&M University System covering an aggregate of approximately 77.7 acres at the Texas A&M-RELLIS campus. The first lease covers approximately 44.4 acres, expires on March 31, 2028, and provides for annual base rent of approximately $1,110, payable quarterly and subject to a 3.75% increase on the first anniversary of the commencement date. The second lease covers approximately 33.3 acres, has an initial term ending September 1, 2026, and may be extended through April 30, 2027. Annualized base rent under the second lease is approximately $0.8 million, payable quarterly and prorated for any partial period, before any approved sponsored-research credits. Because the term of the 33.3-acre lease, including the extension period, does not exceed 12 months, the Company elected the short-term lease recognition exemption and did not recognize a right-of-use asset or lease liability for that arrangement. Payments under the short-term lease are recognized as lease expense over the lease term.

In connection with operating leases commenced during the six months ended June 30, 2026, the Company recognized approximately $2,125 of operating lease right-of-use assets and corresponding lease liabilities. As of June 30, 2026 and December 31, 2025, operating lease right-of-use assets were approximately $3,595 and $1,814, respectively, and operating lease liabilities were approximately $3,809 and $1,984, respectively. As of June 30, 2026, operating lease liabilities included approximately $1,803 classified as current and $2,006 classified as noncurrent.