Leases

9 Months Ended

Sep. 30, 2025

The Company leases space for its corporate offices and research and development facilities under non-cancellable operating leases.

As a result of the 2025 Restructuring, and in accordance with the UK facility lease agreement which allows for early termination upon notice and payment of breakage fees, the Company notified the landlord of its intention to terminate the lease. As a result, the associated lease liability and right-of-use asset were remeasured to $1.4 million and $0.4 million, respectively, reflecting the revised lease payments and term end date of January 28, 2026. The remeasurement resulted in a $6.8 million reduction to the lease liability and right-of-use asset as of September 30, 2025.

The remaining right-of-use asset associated with the UK facility was assessed for impairment as part of the overall asset group. See Note 15 for further information regarding the restructuring and associated impairment of long-lived assets.

On May 15, 2025, the Company modified the terms of its existing lease for its office in New Jersey, USA. The existing lease contract was scheduled to expire on June 30, 2025. The Company extended the term of the lease by eighteen months commencing on July 1, 2025 and expiring on December 31, 2026. Accordingly, the Company remeasured its lease liability and adjusted its right-of-use asset based on the revised lease term.

Maturities of lease liabilities are as follows:


Year ending December 31, 2025	$	506
Year ending December 31, 2026	582
Year ending December 31, 2027	165
Year ending December 31, 2028	165
Year ending December 31, 2029	165
Thereafter	640
Total lease payments	2,223
Less: imputed interest	163
Present value of lease liabilities	$	2,060

Other supplemental information related to leases is summarized below:


	September 30, 2025		December 31, 2024
Weighted average remaining lease term (years)	5.0		6.3

Weighted average discount rate	3.7	%	4.6	%