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Facility Lease

3 Months Ended

Mar. 31, 2026

14. Facility Lease

On October 22, 2024, the Company entered into an operating sub-sublease agreement, pursuant to which the Company sub-leased approximately 20,916 square feet of office and lab space. The sub-sublease has a term of three years commencing on February 21, 2025 with an option to extend at fair market value for an additional 27 months. The Company records rent expense on a straight-line basis over the effective term of the lease, including any free rent periods and incentives. As the interest rate implicit in lease arrangements is typically not readily available, in calculating the present value of the lease payments, the Company has utilized its incremental borrowing rate, which is determined based on the prevailing market rates for collateralized debt with maturity dates commensurate with the term of its lease.

The Company’s obligation for the payment of base rent for the premises began on the commencement date and is initially $33,833 per month, up to monthly base rent of $47,200 during the third year of the sub-sublease. In addition

to base rent, the Company is obligated to pay its proportionate share of taxes, insurance and operating expenses. In November 2024, the Company paid the sublandlord $231,235 in prepaid rent, which was applied to the monthly base rent and the Company’s proportionate share of additional expenses for the first three months of the term of the sub-sublease.

Although the non-cancellable lease term commenced on February 21, 2025, for purposes of determining the right-of-use asset balance, in accordance with ASC Topic 842, the Company used November 25, 2024 as the commencement date, the date on which the sublandlord granted the Company access to the premises. The sub-sublease is a net lease, as the non-lease components (i.e., common area maintenance) are paid separately from rent based on actual costs incurred. Therefore, the non-lease components were not included in the right-of-use asset and liability and are reflected as an expense in the period incurred.

As of March 31, 2026 and December 31, 2025, the right-of-use asset under the operating lease was approximately $0.8 million. The elements of lease expense under the operating lease for the three months ended March 31, 2026 were as follows (in thousands):


				Three Months Ended
		Statements of operations and		March 31,
		comprehensive loss location		2026			2025
Costs of operating lease
Operating lease costs		Research and development, General and administrative		$	230		$	113
Costs of non-lease components (previously common area maintenance)		Research and development, General and administrative			61			22
Total operating lease cost				$	291		$	135
Other Information
Operating cash flows used for operating lease				$	188		$	—
Remaining lease term					1.9 years			2.9 years
Discount rate					11.7%			11.7%

As of March 31, 2026, minimum rental commitments under this lease were as follows (in thousands):


Year Ended December 31 (in thousands)
2026*		$	358
2027			566
Total lease payments			924
Less: imputed interest			(90)
Total		$	834

* Remainder of the year

As of December 31, 2025, minimum rental commitments under this lease were as follows (in thousands):


Year Ended December 31 (in thousands)
2026		$	486
2027			566
Total lease payments			1,052
Less: imputed interest			(115)
Total		$	937