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Note 12 - Leases

3 Months Ended

Mar. 31, 2026

Note 12 — Leases

The Company recognizes a right-of-use (“ROU”) asset and a lease liability on the balance sheets for substantially all leases, including operating leases, and separates lease components from non-lease components related to its office space lease.

In May 2025, the Company entered into an amendment to its office lease agreement to expand its office space, from 5,507 square feet, to 8,079 square feet and to renew its lease term. The amendment to the lease agreement was effective September 1, 2025 and the renewal period for the office lease is for a sixty-five month period through January 2031 and which includes tenant improvement allowances. The Company removed its existing ROU asset and liability and recorded $333 in ROU assets, $189 in tenant improvement allowances and $522 in operating lease liabilities in association with the lease extension.

The Company’s operating lease cost as presented as G&A in the Statements of Operations was $24 and $22 for the three months ended March 31, 2026 and 2025, respectively. For the three months ended March 31, 2026 and 2025, cash paid for amounts included in the measurement of operating lease liabilities was $25 and $23, respectively. The ROU asset non-cash lease expense was $9 and $17 for the three months ended March 31, 2026 and 2025, respectively, and is reflected within non-cash lease expense on the Company’s Condensed Statements of Cash Flows. As of March 31, 2026 and December 31, 2025, the average remaining lease term was 4.9 and 5.2 years, respectively, and as of March 31, 2026 and December 31, 2025, the average discount rate was 11.8% for each period.

The table below presents the lease-related assets and liabilities recorded on the balance sheets as of March 31, 2026 and December 31, 2025:

		*March 31,*		*December 31,*
Assets	*Classification*	*2026*		*2025*
Operating lease right-of-use assets	Operating lease right-of-use assets, net	$	301	$	310
Total leased assets		$	301	$	310
Liabilities
Operating lease liabilities, current	Accrued liabilities	$	75	$	65
Operating lease liabilities, noncurrent	Operating lease liabilities, net of current portion		440		460
Total operating lease liabilities		$	515	$	525

The Company’s future lease commitments as of March 31, 2026, are as indicated below:

Total

2026 (Remainder)

2027

2028

2029

2030

2031 and thereafter

Undiscounted lease payments

684

134

138

142

146

Less: Imputed interest

(170

)

Total lease liabilities

515