7. Leases

In August 2015, the Company entered into a lease agreement under which it leased office space located on the fourth floor of One Cavendish Place, London, with a lease term ending in August 2025. In June 2021, the Company entered into a new lease agreement to lease additional office space located on the fifth floor of that building for a lease period ending in June 2026. At the same time, the Company entered into a reversionary lease to extend the term for the original fourth floor lease to be coterminous with the fifth floor, ending in June 2026. In June 2026, the Company entered into reversionary leases to extend the term of both the fourth and the fifth floor leases to June 2027.

The total lease expense included in the statements of operations and comprehensive loss was $0.2 million and $0.4 million for the three and six months ended June 30, 2026, respectively and $0.2 million and $0.3 million for the three and six months ended June 30, 2025, respectively. There were no material variable lease costs.