Commencing August 1, 2024, the Company leased office space in San Diego, California for a term of 29 months (the “2024 Lease”). Total payments under the lease of approximately $0.9 million will be paid in monthly payments through December 31, 2026. The lease includes an option to renew for 36 months; however, the Company has not included the optional renewal period in the measurement of the lease liability because it is not reasonably certain that the Company will exercise this renewal option.

The Company recognized an operating lease ROU asset and liability for the 2024 Lease based on the present value of the future minimum lease payments over the lease term at the commencement date, using the Company’s assumed incremental borrowing rate and amortizes the ROU asset and liability over the lease term. As the 2024 Lease does not have an implicit interest rate, the present value reflects a 7.0% discount rate, which is the Company’s estimated incremental borrowing rate. The weighted-average remaining lease term and discount rate related to the Company’s operating lease liabilities as of December 31, 2025 was 1.0 year and 7.0%, respectively. The weighted-average remaining lease term and discount rate related to the Company’s operating lease liabilities as of December 31, 2024 was 1.9 years and 7.0%, respectively.

Maturities of lease liabilities due under the operating lease agreements as of December 31, 2025 were as follows (in thousands):


Maturity of Lease Liability	Operating Lease
2026	$	458
Total lease payments		458
Less imputed interest		(17	)
Total operating lease liability		441
Less current portion of operating lease liability		(441	)
Operating lease liability, net of current portion	$	—

Cash paid for amounts included in the measurement of lease liabilities for operating cash flow from operating leases during the years ended December 31, 2025 and 2024 totaled $0.3 million and $0.2 million, respectively.