Operating Leases - ROU Assets and Lease Liability Obligations

6 Months Ended

Jun. 30, 2026

Operating Leases - ROU Assets and Lease Liability Obligations

4. Operating Leases – ROU Assets and Lease Liability Obligations

As of June 30, 2026, the Company has one operating lease (the “Amended Office Lease”). The Amended Office Lease is for office space under an amended lease that took effect on April 8, 2026 and expires on November 7, 2031 (the “Term”). Below is a summary of the Company’s ROU assets and lease liabilities as of June 30, 2026 and December 31, 2025 (in thousands, except for years and %):


	June 30, 2026			December 31, 2025

Right-of-use assets	$	4,010		$	85

Lease liability obligations, current	$	161		$	137
Lease liability obligations, less current portion		3,925			—
Total lease liability obligations	$	4,086		$	137

Weighted-average remaining lease term	5.33 years			0.25 years

Weighted-average discount rate		9.00	%		6.28	%

During the three and six months ended June 30, 2026, the Company recognized $252,000 and $371,000 in operating lease expenses, respectively, which are included in operating expenses in the Company’s condensed consolidated statements of operations and comprehensive loss.

During the three and six months ended June 30, 2025, the Company recognized $119,000 and $243,000 in operating lease expenses, respectively, which are included in operating expenses in the Company’s condensed consolidated statements of operations and comprehensive loss.

Approximate future minimum lease payments for the Company’s ROU assets over the remaining lease period as of June 30, 2026 are as follows (in thousands):



Remainder of 2026		328
2027		364
2028		1,053
2029		1,222
2030		1,307
2031		1,121
Total minimum lease payments	$	5,395
Less: amount representing interest	$	(1,309	)
Total lease liability obligations	$	4,086

The Amended Office Lease provides the Company with an option to extend the term of the Amended Office Lease for a period of five years beyond the Term. If the option is exercised, the renewal term will be on the same terms and conditions as the Amended Office Lease, except that the base rent will be equal to the prevailing market rate as determined pursuant to the terms of the Amended Office Lease. The option to extend the term of the Amended Office Lease was recognized as part of the Company’s lease liability and ROU assets.