The Company leases office and laboratory space, which are classified as operating leases on the condensed consolidated balance sheets.

The Company has a lease for office and laboratory space in Redwood City, California. The lease includes a mutual early termination option that permits either party to terminate the lease by providing at least fifteen months' prior written notice. In June 2026, the Company exercised the early termination option by providing the required notice to the lessor. As a result, the end of the term of the lease changed from June 2031 to September 2027. During the three months ended June 30, 2026, the Company derecognized a right-of-use asset and lease liabilities of $3.4 million due to the change to the term of this lease.

The Company has a lease for office space in Burlington, Massachusetts, with a term that continues to May 2029, and with an option to extend the term for an additional five years.

In June 2026, the Company entered into a lease for office and laboratory space in South San Francisco, California. The lease term will be seven years from the lease commencement date and includes an option to extend the lease for an additional five years. The lease has not yet commenced, and accordingly, as of June 30, 2026, no right-of-use asset or lease liability has been recognized and no lease expense has been recorded related to this lease. The Company expects the lease to commence in May 2027, subject to completion of the landlord's tenant improvements and delivery of the premises.

The following table summarizes the presentation of the Company's operating leases on its condensed consolidated balance sheets (in thousands):


	Balance Sheet Classification	June 30, 2026		December 31, 2025
Assets:
Operating lease assets	Right-of-use asset	$	1,668	$	5,488
Liabilities:
Current:
Operating lease liabilities	Lease liability - current		1,232		891
Noncurrent:
Operating lease liabilities	Lease liability - non-current		755		4,911
Total lease liabilities		$	1,987	$	5,802

The components of lease expense included in research and development expenses and general and administrative expenses in the Company's condensed consolidated statements of operations and comprehensive loss were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2026		2025		2026		2025
Operating lease costs	$	318	$	346	$	664	$	692
Variable lease costs		237		92		308		162
	$	555	$	438	$	972	$	854

As of June 30, 2026 and December 31, 2025, the weighted-average remaining lease term for operating leases was 1.9 years and 5.2 years, respectively, and the weighted-average discount rate was 9.4% and 8.7%, respectively. During the three months ended June 30, 2026 and 2025, cash paid for amounts included in the measurement of lease liabilities was $0.3 million. During the six months ended June 30, 2026 and 2025, cash paid for amounts included in the measurement of lease liabilities was $0.7 million and $0.6 million, respectively.

Future minimum annual lease commitments under the Company's operating leases, excluding the lease in South San Francisco for which the term has not yet commenced, as of June 30, 2026 were as follows (in thousands):


Year Ended December 31,	Amount
2026 (remaining 6 months)	$	675
2027		1,022
2028		334
2029		140
2030		—
Thereafter		—
Total lease payments		2,171
Less: imputed interest		(184	)
Present value of operating lease liabilities	$	1,987