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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases 38,613 square feet of office and laboratory space in San Diego, California, under a lease that terminates on April 30, 2032. As of September 30, 2025, the right-of-use asset balance associated with this lease was $3,411,693. The Company currently also leases office space in Cambridge, Massachusetts and New York, New York, pursuant to short-term arrangements. The Cambridge lease is currently on a month-to-month basis, requiring one month’s notice before termination. In September 2025, the Company executed a one year lease for the existing office space in Cambridge with a term that commences on December 1, 2025 and ends on November 30, 2026. The New York lease was most recently renewed on October 1, 2025 to extend the lease term through September 30, 2026. These lease agreements include or included payments for lease and non-lease components. The Company has elected to not separate such components and these payments were recognized as rent expense. As of September 30, 2025, total future minimum lease payments for its short-term leases in Cambridge, Massachusetts, and New York, New York were $32,426 due in 2025 and $140,136 due in 2026. Future minimum lease payments for operating leases with initial or remaining terms in excess of one year at September 30, 2025 were as follows:
| Amount
Remainder of 2025 | $ | 189,051 |
2026 | 761,877 |
2027 | 784,737 |
2028 | 808,278 |
2029 | 832,527 |
Thereafter | 2,041,704 |
Total future lease payments | 5,418,174 |
Less: imputed interest | (1,501,845) |
Total lease liabilities | $ | 3,916,329 |
Lease liabilities | $ | 381,760 |
Lease liabilities, net of current portion | 3,534,569 |
Total lease liabilities | $ | 3,916,329 |
Quantitative information regarding the Company’s leases for the nine months ended September 30, 2025 and 2024 is as follows:
| September 30, 2025 |  | September 30, 2024
Lease costs: |  |  |
Operating lease cost | $ | 559,770 |  |  | $ | 574,232 |
Short-term lease cost | 104,084 |  |  | 113,792 |
Sublease income | — |  |  | (19,200) |
Total lease costs | $ | 663,854 |  |  | $ | 668,824 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 550,638 |  |  | $ | 549,000 |
Operating cash flows from short-term leases | 104,084 |  |  | 113,792 |
| $ | 654,722 |  |  | $ | 662,792 |
Weighted-average remaining lease term - operating leases | 6.58 years |  | 7.58 years
Weighted-average discount rate - operating leases | 10.0 | % |  | 10.0 | %
As the Company’s leases typically do not provide an implicit rate, the Company uses an estimate of its incremental borrowing rate based on the information available at the lease commencement date in determining the present value of lease payments. Litigation From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities and may be exposed to litigation in connection with its product candidates and operations. The Company’s policy is to assess the likelihood of any adverse judgments or outcomes related to legal matters, as well as ranges of probable losses. When it is probable that future expenditures will be made and can be reasonably estimated the Company will accrue a liability for such matters. Significant judgement is required to determine both probability and estimated amount. The Company is not aware of any material legal matters. Clinical Research Contracts The Company may enter into contracts in the normal course of business with contract research organizations for clinical trials, with contract manufacturing organizations for clinical supplies, and with other vendors for preclinical studies, supplies and other services for the Company’s operating purposes. These contracts generally provide for termination with a 30-day notice.

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