Leases

9 Months Ended

Sep. 30, 2025

Operating Leases

The Company has an operating lease for office and laboratory space in Boston, Massachusetts (the “Boston Lease”). The Boston Lease commenced in February 2022 with the term set to expire in February 2030. The Boston Lease has rent payments escalating annually, which total $11.1 million in the aggregate. As a result, at the commencement of the Boston Lease the Company recognized a right-of-use (“ROU”) lease asset of $8.0 million with a corresponding lease liability of $8.0 million based on the present value of the minimum rental payments. In addition, the Company will make payments for operating expenses and real estate taxes. In June 2023, the Company secured a letter of credit for the $0.7 million deposit on the Boston Lease, which was reported as restricted cash, noncurrent on the condensed consolidated balance sheets as of September 30, 2025 and December 31, 2024.

The Company also assumed a lease for clinical and regulatory space in Newton, Massachusetts, comprising approximately 6,157 square feet for approximately $0.2 million per year, under a non-cancelable operating lease that expired on June 30, 2024.

Lease expense for all leases for the three and nine months ended September 30, 2025 was $0.3 million and $1.0 million, respectively. Lease expense for all leases for the three and nine months ended September 30, 2024 was $0.3 million and $1.1 million, respectively.

The following table summarizes quantitative information about the Company's operating leases (dollars in thousands):


	Nine Months Ended September 30,
	2025			2024
Operating cash outflows from operating leases	$	1,012		$	1,096
Weighted-average remaining lease term—operating leases (in years)	4.3			5.3
Weighted-average discount rate—operating leases	8.0		%	8.0		%

As of September 30, 2025, maturities of lease liabilities were as follows (in thousands):


Year Ended December 31,	Amounts
2025 (remaining three months)	$	338
2026	1,383
2027	1,425
2028	1,467
2029	1,512
Thereafter	253
Total	6,378
Less present value discount	(1,041)
Operating lease liabilities	5,337
Less: operating lease liability, current portion	(981)
Operating lease liability, noncurrent portion	$	4,356