Leases |
6 Months Ended | 12 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2026 |
Dec. 31, 2025 |
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| Leases [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Leases | 11. Leases Operating Leases 26 Landsdowne Street In November 2017, the Company entered into a lease agreement for its current corporate headquarters comprising approximately 28,731 square feet of office and laboratory space at 26 Landsdowne Street in Cambridge, Massachusetts, commencing December 2017. The Company began to occupy and use the leased space for its intended purpose in June 2018. The lease ends on June 30, 2028. The Company has the option to extend the term of the lease for an additional five-year period, at the market rate, by giving the landlord written notice of its election to exercise the extension at least nine months prior to the original expiration of the lease term. The lease has a total commitment of $25.1 million over the ten year term, and includes escalating rent payments. The lease provides the Company with an allowance for normal leasehold improvements of $5.0 million. The lease agreement requires the Company to either pay a security deposit or maintain a letter of credit of $1.1 million. The Company maintains a letter of credit for this lease and has recorded the cash held to secure the letter of credit as restricted cash on the consolidated balance sheet as of June 30, 2026 and December 31, 2025. Operating lease expense associated with this lease for the three and six months ended June 30, 2026 was approximately $0.3 million and $0.8 million, respectively. Variable lease expense associated with this lease for the three and six months ended June 30, 2026 was approximately $0.3 million and $0.5 million, respectively. During the three months ended June 30, 2026, in connection with the cessation of the Company’s research and development activities, the Company recognized an impairment charge of $3.6 million to write down the operating lease right-of-use The future minimum lease payments associated with the 26 Landsdowne Street lease as of June 30, 2026, are as follows (in thousands):
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11. Leases Operating Leases 26 Landsdowne Street In November 2017, the Company entered into a lease agreement for its current corporate headquarters comprising approximately 28,731 square feet of office and laboratory space at 26 Landsdowne Street in Cambridge, Massachusetts, commencing December 2017. The Company began to occupy and use the leased space for its intended purpose in June 2018. The lease ends on June 30, 2028. The Company has the option to extend the term of the lease for an additional five-year period, at the market rate, by giving the landlord written notice of its election to exercise the extension at least nine months prior to the original expiration of the lease term. The lease has a total commitment of $25.1 million over the ten year term, and includes escalating rent payments. The lease provides the Company with an allowance for normal leasehold improvements of $5.0 million. The lease agreement requires the Company to either pay a security deposit or maintain a letter of credit of $1.1 million. The Company maintains a letter of credit for this lease and has recorded the cash held to secure the letter of credit as restricted cash on the consolidated balance sheet as of December 31, 2025 and December 31, 2024. Operating lease and variable lease expense associated with this lease for the year ended December 31, 2025 were approximately $1.9 million and $1.1 million, respectively. Operating lease and variable lease expense associated with this lease for the year ended December 31, 2024 were approximately $1.9 million and $0.9 million, respectively. The future minimum lease payments associated with the 26 Landsdowne Street lease as of December 31, 2025, are as follows (in thousands):
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