Leases

12 Months Ended

Dec. 31, 2025

13. Leases

In May 2025, the Company entered into a noncancelable operating sublease agreement with Nano Dimension USA Inc. (“Sublandlord”) whereby the Company sublets approximately 25,000 square feet of office space located in Waltham, Massachusetts (“Waltham Sublease”). The sublease commencement date was June 1, 2025, with an initial term of 45 months. Lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company used its incremental borrowing rate when measuring operating lease liabilities as discount rates were not implicit or readily determinable. Leases with an initial term of 12 months or less are not recorded on the balance sheet; the Company recognizes lease expense for these leases on a straight-line basis over the lease term.

As of December 31, 2025, the Company had $1.5 million of operating lease ROU assets, short term lease liabilities of $0.4 million and long term lease liability of $1.2 million on its consolidated balance sheets. As of December 31, 2025, the

operating lease arrangement had a remaining lease term of 3.2 years and a discount rate of 10.6%. Cash paid for amounts included in the measurement of operating lease liabilities within operating cash flows was $0.1 million.

The table below summarizes the Company’s lease costs for the twelve months ended December 31, 2025 and during the period from September 19, 2024 (inception) through December 31, 2024:


Lease Costs	Twelve Months Ended December 31, 2025		Period from September 19, 2024 (Inception) Through December 31, 2024
Operating lease cost	$	324	$	—
Short-term lease cost	43		—
Total lease costs	$	367	$	—

As of December 31, 2025, the total remaining operating lease payments included in the measurement of lease liabilities was as follows (in thousands):


Period ended December 31
2026	584
2027	609
2028	633
2029	107
Total undiscounted lease payments	1,933
Less: imputed interest	(289)
Total present value of operating lease liability	$	1,644