The Company leases office space in the United States under non‑cancelable operating lease agreements. The Company does not have any finance leases. Leases with an initial term of 12 months or less are not recorded on the unaudited consolidated balance sheets, and lease expense related to these leases is recognized on a straight‑line basis over the lease term.

Operating lease right‑of‑use (“ROU”) assets and lease liabilities are recognized at lease commencement. Lease liabilities are measured based on the present value of future lease payments over the lease term. As the implicit rate is not readily determinable, the Company uses its incremental borrowing rate at lease commencement. ROU assets are measured based on the related lease liabilities, adjusted for prepaid rent, accrued rent, and lease incentives.

The Company has elected the practical expedient to not separate lease and non‑lease components for all leases. Operating lease expense is recognized on a straight‑line basis over the lease term. Variable lease payments, which primarily relate to non‑fixed operating costs, are excluded from the measurement of ROU assets and lease liabilities and are expensed as incurred.

As of June 30, 2026, the Company did not have any material leases that had not yet commenced. Operating lease cost was $150 and $54 for the three months ended June 30, 2026 and 2025, respectively. Operating lease cost was $296 and $109 for the six months ended June 30, 2026 and 2025, respectively. These costs were included in general and administrative expenses on the Company’s unaudited consolidated statements of operations.


	June 30, 2026	December 31, 2025
Operating Leases:
Weighted-average remaining lease term (in years)	8.82	9.50
Weighted-average discount rate	7.0%	7.0%

As of June 30, 2026, future minimum lease payments for the Company’s operating lease liabilities are as follows:


Year ending,			Amount
Remainder of 2026			$285
2027			580
2028			509
2029			374
2030			381
Thereafter			2,216
Total future lease payments			4,345
Less: imputed interest			(1,134)
Present value of lease liabilities			$3,211

As of June 30, 2026 and December 31, 2025, the following balances related to the Company’s operating leases are recorded in the unaudited consolidated balance sheets:


	June 30, 2026	December 31, 2025
Right of use asset	2,900	3,083
Lease liability, current	360	186
Lease liability, non-current	2,851	3,077


	Three Months Ended June 30,		Six Months Ended June 30,
	2026	2025	2026	2025
Cash paid for operating leases	102	55	154	111
Supplemental disclosure of noncash leasing activities:
Right-of-use-assets obtained in exchange for new operating lease liabilities	-	-	108	-