Leases

3 Months Ended

Mar. 31, 2025

In August 2021, the Company entered into an open-ended office lease agreement, effective November 1, 2021, to lease approximately 2,300 square feet of space on the last two floors of the building located at Dorfstrasse 29, 6300 Zug, Switzerland. The Company estimated the effective duration of the lease at inception and determined a period of 3 years, with expected expiration in November 2024. In December 2023, the contract was extended, leading to a new estimated effective duration of the lease period of 3 years, with expected expiration in January 2027.

On October 9, 2023, the Company entered into an office lease agreement, effective as of October 9, 2023, to lease approximately 3,900 square feet of office space on the fifth floor of the building located at Rua Manuel Pinto de Azedevo 860, 4150-335, Porto, Portugal. This lease has a 3-year initial term, with two extendable periods of 3 years each. It is expected to be extended once until October 2029.

On October 13, 2023, the Company entered into an office lease agreement, effective as of October 16, 2023, to lease approximately 6,000 square feet of office space on the first floor of the building located at 95 Regent Street, CB2 1AW, Cambridge, England, United Kingdom. This lease has a 3-year term agreement and is set to expire in October 2026.

On December 12, 2023, the Company entered into an open-ended office lease agreement, effective as of January 15, 2024, to lease approximately 1,700 square feet of additional office space at its existing corporate headquarters located at Dorfstrasse 29, 6300 Zug, Switzerland. The Company estimated the duration of the lease at inception and determined a 3-year term.

On August 14, 2024, the Company entered into an office lease agreement, effective as of September 8, 2024, to lease approximately 2,000 square feet of additional office space at its existing office located at Rua Manuel Pinto de Azevodo 860, 4150-335, Porto, Portugal. This lease has a 2-year initial term, with two extendable periods of 3 years each. The Company currently expects that it will be extended until October 2029.

The weighted average remaining lease term and weighted average discount rate for the operating leases as of March 31, 2025 and December 31, 2024 were as follows:


	March 31, 2025		December 31, 2024
Weighted average remaining lease term (in months)	27		29
Weighted average discount rate	4.7	%	4.7	%

The future minimum annual lease payments under these operating leases as of March 31, 2025 are as follows:


(in thousands)
Year ending December 31,	Amount
Remainder of fiscal 2025	$	1,136
2026	1,197
2027	136
2028	136
2029	92
Thereafter	—
Total lease payments	2,697
Less imputed interest	(123)
Total lease liability	2,574
Less current portion of lease liability	(1,432)
Long-term portion operating lease liability	$	1,142

Operating cash outflows for amounts included in the measurement of lease liabilities were $368 thousand and $364 thousand for the three months ended March 31, 2025 and 2024, respectively.

The Company recorded the following lease and variable lease expenses for the three months ended March 31, 2025 and 2024:


(in thousands)	Three Months Ended March 31, 2025		Three Months Ended March 31, 2024
Operating lease expense	$	364	$	349
Variable lease expense	11		—
Total lease expense	$	375	$	349