v3.26.1
Leases (Tables)
6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Summary of Operating Leases on Condensed Consolidated Balance Sheets

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

 

Components of Lease Cost

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

 

 

Schedule of Future Minimum Annual Lease Commitments Under Operating Leases

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