The following table presents the Company’s operating lease expense and supplemental cash flow information for the periods presented (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cash paid for operating leases	$	388	$	462	$	767	$	921
Operating lease expense	$	726	$	365	$	1,097	$	718

The weighted-average remaining lease term and weighted-average discount rate for operating leases were as follows:


	As of
	June 30, 2026		December 31, 2025
Weighted-average remaining lease term (in years):	10.52		6.28
Weighted-average discount rate:	8.45	%	8.04	%


	Lease Payments
2026 (Remainder)	$	5
2027	(540)
2028	143
2029	1,970
2030	2,968
Thereafter	20,739
Total lease payments	25,285
Less: Present value adjustment	(10,758)
Present value of lease liabilities	$	14,527

Undiscounted future minimum lease payments presented above are net of a $6.3 million tenant improvement allowance associated with the Louisville lease amendment described below, which is including amounts expected to be received from the landlord from 2026 through 2029.

In April 2026, the Company executed an amendment to its operating lease for its Louisville, Colorado facility. The amendment increases the leased premises by approximately 68,000 square feet and extends the lease expiration date from March 31, 2030 to August 31, 2037.

Incremental lease payments associated with the amendment total approximately $25.1 million over the extended term. These total lease payments are offset by $6.3 million in lessor reimbursed tenant leasehold improvement costs. This increases the total right of use asset and lease liability balances associated with the Louisville lease to $9.4 million and $10.1 million, respectively, based on an incremental borrowing rate of 7.96%. The Company has elected the practical expedient to not separate lease and non-lease components.

This agreement does not contain an implicit rate. As such, the discount rate used to calculate the lease liability was based on the Company's incremental borrowing rate, which was estimated utilizing the Company's current synthetic credit borrowing rate and adjusted for the lease term.

At the Company's option, the terms of this lease can be renewed for two-five year periods. These optional renewal periods have not been included in the lease term.

The remeasurement of the right of use asset and lease liability due to this amendment resulted in a non-cash adjustment to operating lease right-of-use (“ROU”) assets and operating lease liabilities of $8.2 million and $8.4 million, respectively. This remeasurement includes a $0.2 million reduction to the ROU assets due to a lease incentive in the form Furniture, Fixtures, and Equipment ("FF&E") acquired through the amendment.

In June 2026, the Company executed an amendment to its operating lease for its Oxford, U.K. facility. The amendment increases the leased premises by approximately 44,000 square feet and extends the lease expiration date from October 6, 2034 to June 9, 2036.

Incremental lease payments associated with the amendment total approximately $6.2 million over the extended term. This increases the total right of use asset and lease liability balances associated with the Oxford lease to $4.0 million and $3.9 million, respectively, based on an incremental borrowing rate of 9.75%. The Company has elected the practical expedient to not separate lease and non-lease components.

The remeasurement of the right of use asset and lease liability due to this amendment resulted in a non-cash adjustment to operating lease ROU assets and operating lease liabilities of $1.4 million and $1.4 million, respectively.

In May 2025, the Company executed an agreement to lease office space in Melbourne for its Australian operations. The agreement is for approximately 1,900 square feet and expires on March 30, 2028.

Incremental lease payments associated with the agreement total approximately $0.2 million over the extended term. The Company recorded right of use asset and lease liability balances associated with the Australia lease of $0.3 million and $0.3 million, respectively, based on an incremental borrowing rate of 7.06%.

The recognition of the right of use asset and lease liability due to this agreement resulted in a non-cash adjustment to operating lease ROU assets and operating lease liabilities of $0.3 million and $0.3 million, respectively, as of June 30, 2025.

In May 2026, the Company entered into an operating lease agreement for office space in Chicago, Illinois. The leased premises comprise approximately 7,900 square feet. The lease term commences on July 1, 2026 and expires on March 31, 2034. Minimum lease payments under the agreement total approximately $1.8 million over the term.

Because the lease had not commenced as of June 30, 2026, the Company did not recognize a related right-of-use asset or lease liability in the accompanying condensed consolidated financial statements.