7. Leases

The Company has an office lease for its headquarters in New York, New York that continues through March 2032. The Company's real estate lease agreement includes variable payments that are passed through by the landlord, such as insurance, taxes, and common area maintenance, and payments based on the usage of the asset. Pass-through charges and payments due to changes in usage of the asset are included within variable rent expense. Operating leases are recognized over the lease term and included in general and administrative expenses in the accompanying condensed statements of operations. Variable lease expenses are recognized in general and administrative expenses in the accompanying condensed statements of operations as incurred.

In November 2025, the Company entered into an amendment to the lease agreement providing for approximately 4,600 square feet of additional office space through March 2032. The Company determined the amendment for additional space should be accounted for as a separate lease and recognized a right-of-use asset of $1.4 million and corresponding lease liability of $1.8 million as of June 30, 2026 in connection with lease commencement.

The Company’s lease agreement does not contain material residual value guarantees, restrictions, or covenants. The Company has no other operating leases recognized on the accompanying condensed balance sheets.