The Company’s headquarters are located in Boulder, Colorado, where it leases office and lab facilities under operating leases that were amended in June 2026 to extend the lease for an additional three year period and which expire in December 2029, resulting in an additional $653 thousand ROU asset and lease liabilities recognized

in June 2026. In the Merger with Reneo, the Company assumed the lease in Irvine, California, where it leases office space under a lease agreement that expires in November 2026 (the “Irvine lease”). In January 2025, the Company entered into a sublease on the Irvine lease for all of the leased square footage, which expires in November 2026. Payments under the sublease for the three and nine months ended September 30, 2026 were $61 thousand and $183 thousand, respectively, and were netted against operating lease costs in the Statement of Operations. Payments under the sublease for the three and nine months ended September 30, 2025 were $59 thousand and $172 thousand, respectively, and were netted against operating lease costs in the Statement of Operations.

ROU assets and lease liabilities for operating leases as included in the Company’s financial statements are as follows (in thousands):


	September 30, 2026		December 31, 2025
Operating lease right-of-use assets	$	661	$	387
Current operating lease liabilities		251		549
Noncurrent operating lease liabilities		539		—
Total lease liabilities	$	790	$	549

Lease expense for operating leases, net of sublease receipts, as included in the Company’s financial statements are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease cost	$	56	$	46	$	148	$	142
Variable lease expense		43		44		128		118

Lease term, discount rates, and additional information for operating leases are as follows (in thousands):


	As of September 30,
	2026			2025
Weighted-average remaining lease term - operating leases (years)	3.05			1.16
Weighted-average discount rate - operating leases		9.2	%		4.5	%
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for operating leases	$	440		$	427

The aggregate maturities of the Company’s operating lease liabilities were as follows as of September 30, 2026 (in thousands):


Remaining in 2026	$	120
2027		255
2028		262
2029		270
Total future minimum lease payments		907
Less: imputed interest		(117	)
Less: current portion		(251	)
Operating lease liability, net of current portion	$	539