v3.26.1
Leases
6 Months Ended 12 Months Ended
Jun. 30, 2026
Dec. 31, 2025
Leases [Abstract]    
Leases
10. Leases
The Company has
non-cancelable
operating lease agreements for office space in Cambridge, Massachusetts and Bedford, Massachusetts, which run through January 2027 and December, 2028, respectively. Future minimum payments under these operating leases as of June 30, 2026 was $3.0 million. Operating lease cost was $0.7 million for each of the three months ended June 30, 2026 and 2025, and $1.4 million for each of the six months ended June 30, 2026 and 2025.
11. Leases
The Company leases laboratory and office space in Cambridge, Massachusetts under an operating lease with a term expiring in January 2027.
 
Additionally, the Company leases office space in Bedford, Massachusetts under an operating lease with a term expiring in December 2028. During the year ended December 31, 2025, and 2024, the components of operating lease cost were as follows, and are reflected in general and administrative expenses and research and development expenses, as determined by the underlying activities (in thousands):
 
    
December 31,
 
    
2025
    
2024
 
Lease cost
     
Operating lease cost
   $ 2,757      $ 2,757  
Variable operating lease cost
     541        516  
  
 
 
    
 
 
 
Total operating lease cost
   $ 3,298      $ 3,273  
  
 
 
    
 
 
 
The following table summarizes information related to the measurement of the Company’s operating leases for the years ended December 31, 2025 and 2024 (in thousands):
 
    
December 31,
 
    
2025
   
2024
 
Weighted-average remaining lease term (years)
     1.90       2.80  
Weighted-average discount rate
     6.82     7.13
Cash paid for amounts included in the measurement of operating lease liabilities
   $ 2,896     $ 2,776  
Maturities of the Company’s operating lease liabilities at December 31, 2025 are as follows (in thousands):
 
2026
   $ 2,976  
2027
     855  
2028
     673  
  
 
 
 
Total minimum lease payments
     4,504  
Less: Interest portion
     (232
  
 
 
 
Total present value of operating lease liabilities
   $ 4,272