Leases

9 Months Ended

Sep. 30, 2026

The Company has entered into various long-term, non-cancelable operating lease arrangements for office spaces in Switzerland, Portugal, the United Kingdom, and the United States. The Company does not have any finance leases.

The weighted average remaining lease term and weighted average discount rate for the operating leases as of September 30, 2026 and December 31, 2025 were as follows:


	September 30, 2026		December 31, 2025
Weighted average remaining lease term	23 months		22 months
Weighted average discount rate	7.4	%	4.6	%

The future minimum annual lease payments under these operating leases as of September 30, 2026 are as follows:


(in thousands)
Fiscal Year	Amount
2026 (remainder of the year)	$	418
2027	728
2028	455
2029	102

Thereafter	—
Total lease payments	1,703
Less imputed interest	(97)
Total lease liability	1,606
Less current portion of lease liability	(959)
Long-term portion of operating lease liability	$	647

Operating cash outflows for amounts included in the measurement of lease liabilities were $1,209 thousand and $1,161 thousand for the nine months ended September 30, 2026 and 2025, respectively.

The Company recorded the following lease and variable lease expenses for the three and nine months ended September 30, 2026 and 2025, respectively:


(in thousands)	Three Months Ended September 30, 2026		Three Months Ended September 30, 2025		Nine Months Ended September 30, 2026		Nine Months Ended September 30, 2025
Operating lease expense	$	397	$	365	$	1,151	$	1,095
Variable lease expense	1		13		35		36
Total lease expense	$	398	$	378	$	1,186	$	1,131