The Company has an operating lease for office and laboratory space under an agreement which provides the right to use the underlying asset and requires lease payments during the lease term. The Company recorded a right-of-use operating lease asset and a lease liability related to its operating lease (there are no finance leases). The Company’s lease expires in April 2027. The lease arrangement contains renewal provisions, exercisable at the Company's option. The probability of renewal is not reasonably certain and therefore not included in the right-of-use asset and lease liability. The Company's lease agreement does not contain any material residual value guarantees or material restrictive covenants.

Operating lease cost was $0.2 million for each of the three-month periods ended June 30, 2026 and June 30, 2025. Operating lease cost was $0.5 million and $0.3 million for the six months ended June 30, 2026 and 2025, respectively.

Information related to leases (in thousands):


	Three Months Ended June 30,
Operating Leases	2026			2025
Operating cash flow information:
Operating lease cost	$	217		$	190
Operating lease - cash flow	$	284		$	253

Weighted-average remaining lease term (years)		0.8			1.8
Weighted-average discount rate (percentage)		5.0	%		5.0	%


	Six Months Ended June 30,
Operating Leases	2026			2025
Operating cash flow information:
Operating lease cost	$	494		$	393
Operating lease - cash flow	$	567		$	520

Weighted-average remaining lease term (years)		0.8			1.8
Weighted-average discount rate (percentage)		5.0	%		5.0	%

Future minimum payments under the operating leases as of June 30, 2026, are as follows (in thousands):


Years Ending December 31,	Amount
2026 (remaining six months)	$	354
2027		240
Total		594
Less interest (5% discount rate)		(13	)
Total lease liability	$	581

Reported as:
Current portion of operating lease liability	$	581
Long-term portion of lease liability		—
Total lease liability	$	581