Commitments and Contingencies |
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| Commitments and Contingencies Disclosure [Abstract] | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
| Commitments and Contingencies | Commitments and Contingencies Operating Leases Cambridge and Watertown Leases The Company previously leased approximately 30,000 square feet of office and laboratory space in Cambridge, Massachusetts (the “Cambridge Lease”). The Cambridge Lease was originally set to expire on June 30, 2027. On December 22, 2025, the Company entered into an amendment to the Cambridge Lease, which provided for rent abatements and refunds and accelerated the termination of the Cambridge Lease to the date thirty days after the commencement of the Watertown Lease (as defined below). The amendment did not result in the Company relinquishing control of the leased premises until the revised termination date, which occurred on September 4, 2026. Concurrently with entering into the Cambridge Lease amendment, on December 22, 2025, the Company entered into a lease agreement for approximately 44,000 square feet of laboratory and office space in Watertown, Massachusetts (the “Watertown Lease”) with an affiliate of the lessor of the Cambridge Lease. The Watertown Lease commenced upon delivery of the premises and availability for use on August 5, 2026. The initial lease term of the Watertown Lease extends through June 30, 2030. The Watertown Lease includes an option to extend the lease term for an additional five-year period at market rates. The Cambridge Lease amendment and the Watertown Lease were negotiated contemporaneously as part of a coordinated relocation transaction with affiliated lessors. Accordingly, the Company combined the arrangements for accounting purposes under ASC 842 and determined that the combined contract contains two separate lease components: (i) the modified Cambridge Lease and (ii) the Watertown Lease. The total consideration of the combined contract, including contractual Watertown rent, the lease modification fee (as described below) and rent refunds, was allocated to each lease component based on relative standalone prices at the effective date of the modification. As a result of the modification, the Company remeasured the Cambridge Lease right-of-use asset and lease liability to zero and $1.1 million, respectively, and recorded a gain of approximately $0.3 million during the year ended December 31, 2025, reflecting the net impact of the remeasurement based on the allocated consideration. The gain was included within general and administrative expense and research and development expense in the consolidated statement of operations and comprehensive loss for the year ended December 31, 2025 as $0.1 million and $0.2 million, respectively. In connection with the relocation transaction, the Company agreed to pay a lease modification fee of approximately $2.1 million, payable in installments commencing after the Company relinquished control of the Cambridge premises. The portion of the modification fee allocated to the Cambridge Lease was included in the remeasurement described above, and the remainder was allocated to the Watertown Lease component. The Watertown Lease commenced on August 5, 2026. Accordingly, the Company recognized an operating lease right-of-use asset of $3.5 million and operating lease liability of $5.5 million, consisting of $0.8 million current liability and $4.7 million as non-current liability. Concurrently, the Cambridge Lease operating lease liability was reduced to zero, and the remaining lease liability was reclassified to the Watertown Lease. The Watertown Lease operating right-of-use asset was reduced by a rent refund accounted for as a lease incentive and the reclassification of the remaining Cambridge Lease liability, partially offset by prepaid rent. Upon commencement, the operating lease liability for the Watertown Lease included the entire lease modification fee as a lease payment, including the portion initially allocated to the Cambridge Lease and subsequently reclassified to the Watertown Lease. The Watertown Lease includes an initial rent-free period of approximately 18 months. As of September 30, 2026, the Company had $3.4 million of right-of-use assets, $1.1 million of current operating lease liabilities and $4.5 million of non-current operating lease liabilities related to the Watertown Lease. The Watertown Lease includes an option to extend the lease term for an additional five-year period at market rates. Boulder Lease The Company currently leases approximately 5,300 square feet of office and lab space in Boulder, Colorado (the “Boulder Lease”). The Boulder Lease has a five-year term that commenced on September 1, 2023 and expires on September 30, 2028. As the rate implicit for the Boulder Lease was not readily determinable, the Company used its incremental borrowing rate of 7.12% as of the commencement date. At commencement of the Boulder Lease, the Company recorded $1.4 million of operating right-of-use assets, $0.2 million of current operating lease liabilities and $1.2 million of non-current operating lease liabilities. During the year ended December 31, 2025, the Company vacated its Boulder, Colorado facility. The Company recognized an impairment charge of $0.1 million in its condensed consolidated statement of operations related to the right-of-use assets during the nine months ended September 30, 2026. As of September 30, 2026, the Company had $0.2 million of right-of-use assets, $0.3 million of current operating lease liabilities and $0.4 million of non-current operating lease liabilities related to the Boulder Lease. On August 6, 2026, the Company entered into a sublease agreement for the Boulder Lease space. The table below summarizes the Company’s operating lease costs for the three and nine months ended September 30, 2026 and 2025 (in thousands except for lease terms and borrowing rates):
The weighted average remaining lease term and weighted average discount rate of operating leases were as follows:
Maturities of operating lease liabilities as of September 30, 2026 were as follows (in thousands):
Legal Proceedings There are no matters currently outstanding for which any liabilities have been accrued or require disclosure.
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