In May and November 2023, the Company entered into two separate lease agreements for a total of approximately 8,500 square feet of office space in San Diego, California. These leases will expire in January 2026 and February 2027, respectively. The larger of the two leases has one option to extend the lease term for an additional five years. The option to extend the lease term was not included in the right-of-use asset and lease liability as it was not reasonably certain of being exercised.

In September 2024, the Company amended its lease for office space and a manufacturing facility in Irvine, California to include two renewal options. The Company is reasonably certain it will exercise one of these options, extending the lease term from May 2027 to June 2032, which has been factored into the lease liability. As the amendment only resulted in the extension of the lease term, it did not meet the criteria to be accounted for as a separate contract. Accordingly, the right-of-use asset and lease liability were remeasured as of the effective date of the amendment, resulting in the recording of an additional right-of-use asset and lease liability of $3.8 million.

In October 2024, the Company entered into a lease agreement for an additional office suite to expand its office space in San Diego, California, which expires in March 2027. As a result, the Company recognized operating lease right-of-use asset and associated operating lease liability of $0.2 million on the balance sheets in 2024.

In September 2025, the Company's sublease expired and the Company entered into a separate sublease agreement in an additional office building in San Diego, California, which expires in August 2028. As a result, the Company recognized operating lease right-of-use asset and associated operating lease liability of $1.3 million on the balance sheet.

The components of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Operating lease cost–fixed	$	409	$	319	$	1,242	$	964
Operating lease cost–variable		62		52		146		123
Short-term lease expense		20		4		28		13
Total lease expense	$	491	$	375	$	1,416	$	1,100

Cash paid for amounts included in the measurement of operating lease liabilities was $1.2 million and $0.8 million, respectively, for the nine months ended September 30, 2025 and 2024.

Future lease payments under non-cancellable leases as of September 30, 2025 were as follows:


(in thousands)
Year Ending December 31,
2025	$	508
2026		2,006
2027		1,418
2028		1,384
2029		1,092
Thereafter		2,919
Total future lease payments	$	9,327
Less: imputed interest		(1,640	)
Total lease liabilities	$	7,687