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Leases | 6 Months Ended
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Jun. 30, 2026
Leases [Abstract] |
Leases | 7. Leases The Company determines if an arrangement is a lease at inception. Operating leases are included in operating lease right-of-use, or ROU, assets and operating lease liabilities in the condensed consolidated balance sheets. The Company has no finance leases as of June 30, 2026. ROU assets represent the right to use an underlying asset for the lease term and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are recognized at commencement date based on the present value of lease payments over the lease term. As the Company’s leases do not provide an implicit rate, management estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term. The Company uses its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. Klybeckstrasse Lease In March 2021, the Company entered into an operating lease agreement, or the Klybeckstrasse Lease, for office and laboratory space with Wincasa AG, or the Basel Landlord, that occupies approximately 21,422 square feet located at Klybeckstrasse 191, 4057 Basel, Basel-City, Switzerland. In April 2023, the Company and the Basel Landlord amended the Klybeckstrasse Lease which increased the office and laboratory space square footage from 21,422 square feet to 44,685 square feet and extended the term of the lease through June 30, 2027. In March 2026, the Company and the Basel Landlord again amended the Klybeckstrasse Lease, the Second Amendment, to extend the term of the lease through June 30, 2028. The Second Amendment was accounted for as a lease modification and resulted in increases to the related ROU asset and operating lease liability of $1.0 million. Harrison Avenue Lease In December 2021, the Company entered into a non-cancelable lease agreement, or the Harrison Avenue Lease, for 63,327 square feet of office and laboratory space to support its expanding operations. The term of the lease commenced on April 1, 2022 and the Company’s obligation to pay rent began on December 21, 2022. The initial term of the lease is 128 months following the commencement date, at which point the Company has the option to extend the lease an additional 5 years. The Company has determined that it is not reasonably certain to exercise the option to extend the lease and has not included the extension period in the lease term. The annual base rent under the Harrison Avenue Lease is $95 per square foot for the first year, which is subject to scheduled annual increases of 3%, plus certain costs, operating expenses and property management fees. The components of lease expense are as follows (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Operating lease expense |  | $ | 1,654 |  |  | $ | 1,623 |  |  | $ | 3,292 |  |  | $ | 3,257 |
Variable lease expense |  |  | 644 |  |  |  | 280 |  |  |  | 1,402 |  |  |  | 1,132 |
Total lease expense |  | $ | 2,298 |  |  | $ | 1,903 |  |  | $ | 4,694 |  |  | $ | 4,389 |
The variable lease expenses generally include common area maintenance and property taxes. The following table summarizes lease expense incurred (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Research and development |  | $ | 1,973 |  |  | $ | 1,608 |  |  | $ | 4,217 |  |  | $ | 3,686 |
General and administrative |  |  | 325 |  |  |  | 294 |  |  |  | 477 |  |  |  | 702 |
Total lease expense |  | $ | 2,298 |  |  | $ | 1,902 |  |  | $ | 4,694 |  |  | $ | 4,388 |
Short-term lease costs for the three and six months ended June 30, 2026 and 2025 were immaterial. The weighted average remaining lease term and discount rate related to the Company's leases are as follows:
|  | June 30, 2026 |  |  | December 31, 2025 |
Weighted average remaining lease term (years) |  |  | 6.2 |  |  |  | 6.8 |
Weighted average discount rate |  |  | 9.8 | % |  |  | 9.9 | %
Supplemental cash flow information and other information relating to the Company's leases are as follows (in thousands):
|  | Three months ended June 30, |  |  | Six months ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 1,995 |  |  | $ | 948 |  |  | $ | 3,993 |  |  | $ | 1,856 |
Amortization of ROU assets |  | $ | 708 |  |  | $ | 615 |  |  | $ | 1,351 |  |  | $ | 1,190 |
Future minimum lease payments under non-cancelable leases as of June 30, 2026 for each of the years ending December 31 are as follows (in thousands):
Undiscounted lease payments |  |  |
Remainder of 2026 |  | $ | 3,990 |
2027 |  |  | 8,204 |
2028 |  |  | 7,895 |
2029 |  |  | 7,575 |
2030 |  |  | 7,802 |
Thereafter |  |  | 15,625 |
Total undiscounted minimum lease payments |  |  | 51,091 |
Less: Imputed interest |  |  | (13,104 | )
Total operating lease liability |  | $ | 37,987 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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