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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | Leases The components of lease expense and supplemental cash flow information are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease expense | $ | 308 |  |  | $ | 640 |  |  | $ | 1,212 |  |  | $ | 2,176 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of assets | 39 |  |  | 4 |  |  | 68 |  |  | 11 |
Interest on lease liabilities | 10 |  |  | — |  |  | 18 |  |  | 1 |
Total finance lease expense | 49 |  |  | 4 |  |  | 86 |  |  | 12 |
Short-term lease expense | 506 |  |  | 392 |  |  | 1,382 |  |  | 963 |
Total lease expense | $ | 863 |  |  | $ | 1,036 |  |  | $ | 2,680 |  |  | $ | 3,151 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 793 |  |  | $ | 1,245 |  |  | $ | 2,967 |  |  | $ | 4,232 |
Operating cash flows from finance leases | 35 |  |  | 7 |  |  | 75 |  |  | 30 |
Financing cash flows from finance leases | 10 |  |  | — |  |  | 18 |  |  | — |
Maturities of lease liabilities as of September 30, 2025 are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2025 (excluding first nine months) |  | $ | 406 |  |  | $ | 45 |
2026 |  | 1,810 |  |  | 180 |
2027 |  | 1,863 |  |  | 180 |
2028 |  | 1,729 |  |  | 57 |
2029 |  | 1,641 |  |  | — |
Thereafter |  | 1,407 |  |  | — |
Total lease payments |  | $ | 8,856 |  |  | $ | 462 |
Less: Interest |  | (1,753) |  |  | (49) |
Present value of lease liabilities |  | $ | 7,103 |  |  | $ | 413 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| September 30, 2025 |  | December 31, 2024 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 2,862 |  |  | $ | 3,326 |  |  |
Current portion of operating lease liabilities | 1,216 |  |  | 1,486 |  |  |
Long-term operating lease liabilities | 5,887 |  |  | 6,514 |  |  |
Total operating lease liabilities | $ | 7,103 |  |  | $ | 8,000 |  |  |
Finance Leases |  |  |  |  |
Finance lease right-of-use assets | $ | 404 |  |  | $ | — |  |  |
Current portion of finance lease liabilities | $ | 149 |  |  | $ | — |  |  |
Long-term finance lease liabilities | 264 |  |  | — |  |  |
Total finance lease liabilities | $ | 413 |  |  | $ | — |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 4.9 years |  | 5.4 years |  |
Finance leases | 2.6 years |  | — |  |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 9.4 | % |  | 9.4 | % |  |
Finance leases | 9.5 | % |  | — | % |  |
Lease Agreement Income The Company recorded income from the Lease Agreement (see Note 3, “Asset Acquisition”) of $6.1 million and $9.3 million for the three and nine months ended September 30, 2025, respectively. At September 30, 2025, the minimum future lease income related to the Lease Agreement is as follows (in thousands):
Years ending December 31, |  | Lease Agreement Income
2025 (excluding first nine months) (1) |  | $ | 6,843 |
2026 |  | 27,375 |
2027 |  | 27,375 |
2028 |  | 27,375 |
2029 |  | 27,375 |
Thereafter (2) |  | 9,125 |
Total rental income (through April 2030) |  | $ | 125,468 |
(1)All assets have been placed in service as of September 30, 2025. (2)Excludes rental income for the sixth year of the Lease Agreement as rental rates in year six will be determined based on prevailing market rates. Sublease Income On April 1, 2023, the Company entered into an agreement to sublease its office and lab space in Houston, Texas beginning September 1, 2023 and continuing through October 30, 2030. The Company recorded rental income from the sublease of $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively and $0.5 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in the Company’s statement of operations in Other income (expense), net. Rental income from the sublease offsets the monthly rental expense from the Company’s lease of the facility. Sublease rental income for future years is as follows (in thousands):
Years ending December 31, |  | Sublease Income
2025 (excluding first nine months) |  | $ | 192 |
2026 |  | 767 |
2027 |  | 767 |
2028 |  | 767 |
2029 |  | 767 |
Thereafter |  | 639 |
Total rental income |  | $ | 3,899 |
Leases | Leases The components of lease expense and supplemental cash flow information are as follows (in thousands):
| Three months ended September 30, |  | Nine months ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease expense | $ | 308 |  |  | $ | 640 |  |  | $ | 1,212 |  |  | $ | 2,176 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of assets | 39 |  |  | 4 |  |  | 68 |  |  | 11 |
Interest on lease liabilities | 10 |  |  | — |  |  | 18 |  |  | 1 |
Total finance lease expense | 49 |  |  | 4 |  |  | 86 |  |  | 12 |
Short-term lease expense | 506 |  |  | 392 |  |  | 1,382 |  |  | 963 |
Total lease expense | $ | 863 |  |  | $ | 1,036 |  |  | $ | 2,680 |  |  | $ | 3,151 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases | $ | 793 |  |  | $ | 1,245 |  |  | $ | 2,967 |  |  | $ | 4,232 |
Operating cash flows from finance leases | 35 |  |  | 7 |  |  | 75 |  |  | 30 |
Financing cash flows from finance leases | 10 |  |  | — |  |  | 18 |  |  | — |
Maturities of lease liabilities as of September 30, 2025 are as follows (in thousands):
Years ending December 31, |  | Operating Leases |  | Finance Leases
2025 (excluding first nine months) |  | $ | 406 |  |  | $ | 45 |
2026 |  | 1,810 |  |  | 180 |
2027 |  | 1,863 |  |  | 180 |
2028 |  | 1,729 |  |  | 57 |
2029 |  | 1,641 |  |  | — |
Thereafter |  | 1,407 |  |  | — |
Total lease payments |  | $ | 8,856 |  |  | $ | 462 |
Less: Interest |  | (1,753) |  |  | (49) |
Present value of lease liabilities |  | $ | 7,103 |  |  | $ | 413 |
Supplemental balance sheet information related to leases is as follows (in thousands):
| September 30, 2025 |  | December 31, 2024 |  |
Operating Leases |  |  |  |  |
Operating lease right-of-use assets | $ | 2,862 |  |  | $ | 3,326 |  |  |
Current portion of operating lease liabilities | 1,216 |  |  | 1,486 |  |  |
Long-term operating lease liabilities | 5,887 |  |  | 6,514 |  |  |
Total operating lease liabilities | $ | 7,103 |  |  | $ | 8,000 |  |  |
Finance Leases |  |  |  |  |
Finance lease right-of-use assets | $ | 404 |  |  | $ | — |  |  |
Current portion of finance lease liabilities | $ | 149 |  |  | $ | — |  |  |
Long-term finance lease liabilities | 264 |  |  | — |  |  |
Total finance lease liabilities | $ | 413 |  |  | $ | — |  |  |
Weighted Average Remaining Lease Term |  |  |  |  |
Operating leases | 4.9 years |  | 5.4 years |  |
Finance leases | 2.6 years |  | — |  |  |
Weighted Average Discount Rate |  |  |  |  |
Operating leases | 9.4 | % |  | 9.4 | % |  |
Finance leases | 9.5 | % |  | — | % |  |
Lease Agreement Income The Company recorded income from the Lease Agreement (see Note 3, “Asset Acquisition”) of $6.1 million and $9.3 million for the three and nine months ended September 30, 2025, respectively. At September 30, 2025, the minimum future lease income related to the Lease Agreement is as follows (in thousands):
Years ending December 31, |  | Lease Agreement Income
2025 (excluding first nine months) (1) |  | $ | 6,843 |
2026 |  | 27,375 |
2027 |  | 27,375 |
2028 |  | 27,375 |
2029 |  | 27,375 |
Thereafter (2) |  | 9,125 |
Total rental income (through April 2030) |  | $ | 125,468 |
(1)All assets have been placed in service as of September 30, 2025. (2)Excludes rental income for the sixth year of the Lease Agreement as rental rates in year six will be determined based on prevailing market rates. Sublease Income On April 1, 2023, the Company entered into an agreement to sublease its office and lab space in Houston, Texas beginning September 1, 2023 and continuing through October 30, 2030. The Company recorded rental income from the sublease of $0.1 million and $0.2 million for the three months ended September 30, 2025 and 2024, respectively and $0.5 million and $0.4 million for the nine months ended September 30, 2025 and 2024, respectively, which is included in the Company’s statement of operations in Other income (expense), net. Rental income from the sublease offsets the monthly rental expense from the Company’s lease of the facility. Sublease rental income for future years is as follows (in thousands):
Years ending December 31, |  | Sublease Income
2025 (excluding first nine months) |  | $ | 192 |
2026 |  | 767 |
2027 |  | 767 |
2028 |  | 767 |
2029 |  | 767 |
Thereafter |  | 639 |
Total rental income |  | $ | 3,899 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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