Leases	9 Months Ended
Sep. 30, 2026
Leases
Leases	7. Leases The Company was previously party to a lease portfolio consisting of office, manufacturing and laboratory space. All of the Company's leases were classified as operating leases. The terms of the lease agreements extended through March 2030 and provided the Company with an option to extend the lease term for an additional five years. Under the terms of the leases, the Company paid base annual rent subject to fixed annual increases, as well as certain operating expenses, including taxes, repairs and maintenance. The Company evaluated renewal options at lease inception and on an ongoing basis and included renewal periods in the lease term when it was reasonably certain such options would be exercised. The leases did not require variable lease payments or residual value guarantees and did not contain restrictive covenants. The leases did not provide an implicit interest rate. Accordingly, the Company used its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represented an estimate of the interest rate the Company would have incurred at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the applicable lease term. Lease Termination During the third quarter of 2026, the Company entered into amendments to its lease agreements with ARE-8000/9000/10000 Virginia Manor, LLC ("ARE"), pursuant to which the parties agreed to terminate the leases for all of the Company's office, manufacturing and laboratory facilities. The lease terminations were completed as part of the Company's restructuring activities and reduction of its operating footprint. In connection with the lease terminations, the Company paid non-refundable termination payments totaling approximately $1.5 million to ARE, and ARE retained the Company's security deposit of approximately $39,000. Total termination consideration, including broker commissions, was approximately $1.7 million. In exchange for the termination consideration, the Company was relieved of approximately $5.1 million of remaining lease obligations, resulting in a gain on lease termination of approximately $3.4 million. The gain is included in restructuring and asset impairment charges, net in the condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2026. Cash outflows associated with the lease terminations totaled approximately $1.7 million during the three months ended September 30, 2026, consisting primarily of the $1.5 million termination payment, broker commissions of approximately $0.1 million and lease payments of approximately $0.2 million for the July through August 2026 period. These amounts are included within operating activities in the condensed statements of cash flows. By September 30, 2026, the operating lease right of use (“ROU”) asset had been fully amortized and the operating lease liability had been fully settled. Accordingly, the Company had no operating lease ROU assets or operating lease liabilities as of September 30, 2026. Lease Cost Operating lease expense was approximately $307,000 for the three months ended September 30, 2026, compared to operating lease expense of approximately $251,000 for the three months ended September 30, 2025. Operating lease expense was approximately $806,000 for the nine months ended September 30, 2026, compared to operating lease expense of approximately $755,000 for the nine months ended September 30, 2025. Cash paid for amounts included in the measurement of operating lease liabilities was approximately $2.4 million and $880,000 for the nine months ended September 30, 2026 and 2025, respectively. Lease Commitments As of September 30, 2026, the Company had no operating lease right-of-use assets or operating lease liabilities recorded in its condensed balance sheet. Accordingly, the Company had no future undiscounted operating lease payment obligations, weighted-average remaining lease term or weighted-average discount rate requiring disclosure as of September 30, 2026.

Leases

9 Months Ended

Sep. 30, 2026

7. Leases

The Company was previously party to a lease portfolio consisting of office, manufacturing and laboratory space. All of the Company's leases were classified as operating leases. The terms of the lease agreements extended through March 2030 and provided the Company with an option to extend the lease term for an additional five years. Under the terms of the leases, the Company paid base annual rent subject to fixed annual increases, as well as certain operating expenses, including taxes, repairs and maintenance. The Company evaluated renewal options at lease inception and on an ongoing basis and included renewal periods in the lease term when it was reasonably certain such options would be exercised. The leases did not require variable lease payments or residual value guarantees and did not contain restrictive covenants.

The leases did not provide an implicit interest rate. Accordingly, the Company used its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represented an estimate of the interest rate the Company would have incurred at lease commencement to borrow an amount equal to the lease payments on a collateralized basis over the applicable lease term.

Lease Termination

During the third quarter of 2026, the Company entered into amendments to its lease agreements with ARE-8000/9000/10000 Virginia Manor, LLC ("ARE"), pursuant to which the parties agreed to terminate the leases for all of the Company's office, manufacturing and laboratory facilities. The lease terminations were completed as part of the Company's restructuring activities and reduction of its operating footprint.

In connection with the lease terminations, the Company paid non-refundable termination payments totaling approximately $1.5 million to ARE, and ARE retained the Company's security deposit of approximately $39,000. Total termination consideration, including broker commissions, was approximately $1.7 million.

In exchange for the termination consideration, the Company was relieved of approximately $5.1 million of remaining lease obligations, resulting in a gain on lease termination of approximately $3.4 million. The gain is included in restructuring and asset impairment charges, net in the condensed statements of operations and comprehensive loss for the three and nine months ended September 30, 2026.

Cash outflows associated with the lease terminations totaled approximately $1.7 million during the three months ended September 30, 2026, consisting primarily of the $1.5 million termination payment, broker commissions of approximately $0.1 million and lease payments of approximately $0.2 million for the July through August 2026 period. These amounts are included within operating activities in the condensed statements of cash flows.

By September 30, 2026, the operating lease right of use (“ROU”) asset had been fully amortized and the operating lease liability had been fully settled. Accordingly, the Company had no operating lease ROU assets or operating lease liabilities as of September 30, 2026.

Lease Cost

Operating lease expense was approximately $307,000 for the three months ended September 30, 2026, compared to operating lease expense of approximately $251,000 for the three months ended September 30, 2025.

Operating lease expense was approximately $806,000 for the nine months ended September 30, 2026, compared to operating lease expense of approximately $755,000 for the nine months ended September 30, 2025.

Cash paid for amounts included in the measurement of operating lease liabilities was approximately $2.4 million and $880,000 for the nine months ended September 30, 2026 and 2025, respectively.

Lease Commitments

As of September 30, 2026, the Company had no operating lease right-of-use assets or operating lease liabilities recorded in its condensed balance sheet. Accordingly, the Company had no future undiscounted operating lease payment obligations, weighted-average remaining lease term or weighted-average discount rate requiring disclosure as of September 30, 2026.