v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
We lease our operating facilities in Novato, California, under a non-cancelable operating lease through May 31, 2027. There are no options or rights to extend the term of this lease.
The following table reflects our operating lease right-of-use (“ROU”) assets, net and operating lease liabilities as of June 30, 2026 and December 31, 2025 (in thousands):
June 30, 2026December 31, 2025
Assets:
Operating lease ROU assets, net$379 $573 
Liabilities:
Operating lease liabilities, current$437 $454 
Operating lease liabilities, noncurrent— 203 
$437 $657 
The following table presents supplemental cash flow information related to our operating leases for the three and six months ended June 30, 2026 and 2025 (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2026202520262025
Operating cash flows from operating leases$122 $118 $242 $235 
As of June 30, 2026, the maturity of operating lease liabilities was as follows (in thousands):
Year ending December 31:
2026 (remainder)
$248 
2027207 
Total payments455 
Less: Interest(18)
Present value of obligations$437 
As of June 30, 2026, the weighted-average remaining lease term was 0.9 years and the weighted-average discount rate was 8%. As of December 31, 2025, the weighted-average remaining lease term was 1.4 years and the weighted-average discount rate was 8%.
Operating lease expenses for each of the three months ended June 30, 2026 and 2025 was $0.1 million, of which $6 thousand was related to leases with a term of less than 12 months. Operating lease expenses for the six months ended June 30, 2026 and 2025 was $0.2 million, of which $12 thousand and $11 thousand, respectively, was related to leases with a term of less than 12 months.
On June 10, 2026, we entered into a lease agreement with MKDP Redwood, LLC, to lease a facility of approximately 21,942 sq. ft. in Petaluma, California. The lease term is approximately four years commencing in the third quarter of 2026 and ending on September 15, 2030, with an option to extend an additional sixty months. Total base rent under this lease is approximately $1.8 million. A ROU asset and an operating lease liability will be recorded upon the lease commencement date in the third quarter of 2026.