Leases

In September 2025, the Company entered into a non-cancelable operating sublease in Boston, Massachusetts, or the Boston Sublease, to rent out 8,774 square feet of office space and relocated its headquarters to Boston in September 2025. The lease commenced on September 2, 2025, at which time the Company recognized a right-of-use, or ROU, asset and corresponding lease liability of $1.7 million. The lease term is 41 months with rental payments beginning four months after the lease commencement. In addition to base rent, the Company will reimburse the landlord for certain operating expenses under the terms of the lease. The Company has the option to extend the lease one time for an additional 3-year period, subject to the terms therein; however, the exercise of the option to extend the lease term was not determined to be reasonably certain, and the Company will therefore recognize lease expense through the expiration of the initial lease term ending in January 2029.

In June 2026, the Company entered into an amendment to the Boston Sublease. Pursuant to the amendment, the Subleased Premises were expanded to include an additional 4,934 rentable square feet located on the second floor of the building, which expires in January 2029. The lease commenced on June 29, 2026, at which time the Company recognized an additional ROU asset and corresponding operating lease liability of $0.8 million, including $0.3 million of current lease liability and $0.5 million of noncurrent lease liability. The Company has the option to extend the lease one time for an additional 3-year period, subject to the terms therein; however, the exercise of the option to extend the lease term was not determined to be reasonably certain, and the Company will therefore recognize lease expense through the expiration of the initial lease term ending in January 2029.

Lease liabilities are measured by calculating the present value of remaining lease payments under the lease arrangement. Since the rates implicit in our leases are not readily determinable, the Company uses estimated incremental borrowing rates in determining the discount rate used to calculate the present value of remaining lease payments. The incremental borrowing rate is the rate of interest that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments over a similar term equal to the lease term in a similar economic environment. The incremental borrowing rate is based on the information available at commencement date. As the Company has no recent external borrowings, the incremental borrowing is a hypothetical rate based on our understanding of what our credit rating would be and adjusted to reflect a collateralized borrowing.

The Company incurred total operating lease expenses of $151.0 thousand and $296.7 thousand during the three and six months ended June 30, 2026, respectively, and zero during the three and six months ended June 30, 2025. The Company incurred an immaterial amount of expense related to variable lease costs during the three and six months ended June 30, 2026 and no expense related to variable lease costs during three and six months ended June 30, 2025.

Cash paid for amounts included in the measurement of operating lease liabilities were $153.5 thousand and $255.9 thousand for the three and six months ended June 30, 2026, respectively, and zero during the three and six months ended June 30, 2025.

During the periods presented, the Company did not recognize any impairment losses on its ROU assets.

Legal Proceedings

From time to time, the Company is subject to various claims that arise in the ordinary course of business. Management believes that any liability of the Company that may arise out of or with respect to these matters will not materially adversely affect the financial position, results of operations, or cash flows of the Company.