Commitments and Contingencies (Tables)

9 Months Ended

Sep. 30, 2026

Commitments and Contingencies.

Schedule of Future Minimum Lease Obligations Under Non-cancelable Operating Leases

Lease Commitments—Future minimum lease obligations under non-cancelable operating leases as of September 30, 2026 are as follows ($ in thousands):⁽¹⁾


2026 (remaining three months)		$	732
2027			2,915
2028			2,923
2029			2,942
2030			2,958
Thereafter			8,456
Total undiscounted cash flows⁽¹⁾			20,926
Present value discount⁽²⁾			(6,121)
Lease liabilities		$	14,805

(1)	Includes cash flows that relate to a property that is majority-owned by a third party and is ground leased to the Company. The Company is obligated to pay the owner of the property $0.5 million, subject to adjustment for changes in the CPI, per year through 2044.

(2)

The lease liability equals the present value of the minimum rental payments due under the lease discounted at the rate implicit in the lease or the Company’s incremental secured borrowing rate for similar collateral. For operating leases, lease liabilities were discounted at the Company’s weighted average incremental secured borrowing rate for similar collateral estimated to be 6.0% and the weighted average remaining lease term is 9.0 years. During the three months ended September 30, 2026 and 2025, the Company made payments of $0.4 million and $1.4 million, respectively, related to its operating leases. During the nine months ended September 30, 2026 and 2025, the Company made payments of $0.7 million and $4.3 million, respectively, related to its operating leases.