Leases |
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 | |||||||||||||||||||||||||||||||||||||||||||||||||
| Leases [Abstract] | |||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | Leases The Company has an operating lease for 6,942 square feet of office space for its corporate headquarters in San Diego, California, with a lease term that expires on January 31, 2028. In the first quarter of 2025, the Company recognized an initial right-of-use (“ROU”) lease asset of $0.9 million and a lease liability of $0.9 million related to this space in San Diego, California. The Company also has an operating lease for 25,476 square feet of laboratory and office space in Taicang, China. In March 2026, the Company amended the lease to extend the term for one year until April 30, 2027. In the first quarter of 2026, the Company recognized an ROU lease asset of $0.1 million and a lease liability of $0.1 million related to the lease amendment. As of June 30, 2026 and December 31, 2025, the weighted average remaining lease term was 1.5 years and 2.0 years, respectively, and the weighted average discount rate used to determine the operating lease liability was 7.8% and 8.1%, respectively. During the three months ended June 30, 2026 and 2025, the Company recognized $106,000 and $121,000, respectively, of operating lease expense and the Company paid $111,000 and $88,000, respectively, for its operating leases. During the six months ended June 30, 2026 and 2025, the Company recognized $212,000 and $246,000, respectively, of operating lease expense and the Company paid $220,000 and $163,000, respectively, for its operating leases. Annual future minimum lease payments as of June 30, 2026 are as follows (in thousands):
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