The Company has operating leases for office facilities with remaining terms of one year to four years. Many leases include one or more options to renew, but renewals are not assumed in the determination of the lease term as the Company is not reasonably certain to exercise the renewals. These leases primarily relate to office space in the United States, Singapore, and the United Kingdom, and generally require fixed monthly payments, some of which include rent-free periods and contractual rent escalations.

At lease commencement, the Company records a right-of-use asset and a corresponding lease liability based on the present value of lease payments over the lease term, using an incremental borrowing rate determined at lease commencement. All of the Company’s leases are classified as operating leases under FASB ASC Topic 842, Leases (“ASC 842”).

The Company recognizes lease expense in General and administrative on the condensed consolidated statements of operations and comprehensive loss. The components of lease expense were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease expense	$	1,255	$	1,185	$	2,816	$	2,260
Short-term lease expense	446		159		502		175
Total lease expense	$	1,701	$	1,344	$	3,318	$	2,435


	June 30, 2026		December 31, 2025

Weighted-average remaining lease term (in years)	3.0		4.1
Weighted-average discount rate	6.2	%	6.2	%


Remaining 2026	$	3,568
2027	7,312
2028	6,155
2029	3,177
2030	754
Thereafter	—
Total undiscounted lease payments	20,966
Less: imputed interest	(1,812)
Total lease liabilities	$	19,154

During the six months ended June 30, 2026, in connection with its restructuring activities, the Company ceased use of substantially all of its leased office spaces in London, United Kingdom and San Francisco, California and recorded impairment charges to reduce the carrying values of the related operating lease right-of-use (“ROU”) assets to their estimated fair values.

For the London lease, fair value was estimated using a discounted cash flow analysis based on projected sublease income. For the San Francisco lease, fair value was estimated using observable inputs, including the terms of a lease termination amendment executed on April 10, 2026, pursuant to which the Company agreed to pay a termination fee of approximately $0.6 million in connection with the early termination of the lease.

During the three and six months ended June 30, 2026, impairment charges of approximately $0 and $1.0 million, respectively, are included within General and administrative expenses on the condensed consolidated statements of operations and comprehensive loss. See Note 4. Restructuring Activities for additional information.

On June 15, 2026, the Company exercised a contractual early termination option for its Chicago office lease. The lease will terminate effective June 30, 2027. In connection with the termination, the Company is required to pay a termination fee of approximately $0.8 million, of which approximately $0.4 million was paid in June 2026 and the remaining amount is due on or before June 30, 2027. As a result of exercising the option, the Company remeasured its operating lease liability and related right-of-use asset, resulting in reductions of approximately $1.8 million.