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Leases
 9 Months Ended
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,
2025202420252024
Operating lease expense$308 $640 $1,212 $2,176 
Finance lease expense:
Amortization of assets39 4 68 11 
Interest on lease liabilities10 — 18 1 
Total finance lease expense 49 4 86 12 
Short-term lease expense506 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 leases35 7 75 30 
Financing cash flows from finance leases10 — 18 — 
Maturities of lease liabilities as of September 30, 2025 are as follows (in thousands):
Years ending December 31,Operating LeasesFinance Leases
2025 (excluding first nine months)$406 $45 
20261,810 180 
20271,863 180 
20281,729 57 
20291,641 — 
Thereafter1,407 — 
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, 2025December 31, 2024
Operating Leases
Operating lease right-of-use assets$2,862 $3,326 
Current portion of operating lease liabilities1,216 1,486 
Long-term operating lease liabilities5,887 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 liabilities264 — 
Total finance lease liabilities$413 $— 
Weighted Average Remaining Lease Term
Operating leases4.9 years5.4 years
Finance leases2.6 years— 
Weighted Average Discount Rate
Operating leases9.4 %9.4 %
Finance leases9.5 %— %
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 
202627,375 
202727,375 
202827,375 
202927,375 
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 
2026767 
2027767 
2028767 
2029767 
Thereafter639 
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,
2025202420252024
Operating lease expense$308 $640 $1,212 $2,176 
Finance lease expense:
Amortization of assets39 4 68 11 
Interest on lease liabilities10 — 18 1 
Total finance lease expense 49 4 86 12 
Short-term lease expense506 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 leases35 7 75 30 
Financing cash flows from finance leases10 — 18 — 
Maturities of lease liabilities as of September 30, 2025 are as follows (in thousands):
Years ending December 31,Operating LeasesFinance Leases
2025 (excluding first nine months)$406 $45 
20261,810 180 
20271,863 180 
20281,729 57 
20291,641 — 
Thereafter1,407 — 
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, 2025December 31, 2024
Operating Leases
Operating lease right-of-use assets$2,862 $3,326 
Current portion of operating lease liabilities1,216 1,486 
Long-term operating lease liabilities5,887 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 liabilities264 — 
Total finance lease liabilities$413 $— 
Weighted Average Remaining Lease Term
Operating leases4.9 years5.4 years
Finance leases2.6 years— 
Weighted Average Discount Rate
Operating leases9.4 %9.4 %
Finance leases9.5 %— %
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 
202627,375 
202727,375 
202827,375 
202927,375 
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 
2026767 
2027767 
2028767 
2029767 
Thereafter639 
Total rental income$3,899