Leases

9 Months Ended

Sep. 30, 2026

Note 12 Leases

The Company leases office space in Los Angeles, California under two arrangements with PCJW Properties LLC ("PCJW"), an entity controlled by the Company's founders (including the Company's CEO). The first is a sublease extended in November 2023 for five

additional years ending October 2028, with current monthly rent of $0.007 million subject to annual escalations of 4%. The second is a lease extended in January 2026 for one additional year ending December 2026, with current monthly rent of $0.027 million.

All leases were classified as operating and operating lease expenses are presented within other operating expenses in the condensed consolidated statements of operations. The Company does not have any finance leases or sublease arrangements where the Company is the sublessor. The Company’s leasing activities are as follows (in thousands):


	For the Nine Months Ended
	September 30, 2026		September 30, 2025
Operating lease cost	$	303	$	261
Total lease cost	$	303	$	261


	For the Nine Months Ended
	September 30, 2026			September 30, 2025
Other information:
Cash paid for operating leases	$	303		$	289
Weighted-average remaining lease term - operating lease		1.47			2.35
Weighted-average discount rate - operating lease		10	%		10	%

The future minimum lease payments as of September 30, 2026, were as follows (in thousands):


Year	Related-Party Commitment
2026	$	101
2027		83
2028		71
Total minimum lease payments	$	255
Less: imputed interest		(17	)
Total lease liabilities	$	238