The Company’s leases relate primarily to office and laboratory facilities located in La Jolla, California. The Company’s lease of laboratory space in La Jolla, which was set to expire in February 2025, was renewed for another six months and is set to expire in August 2025, with an option to extend for six additional months through February 2026. The Company's lease of office space in La Jolla expires in February 2027. The terms of the Company’s non-cancelable operating lease arrangements typically contain fixed lease payments which increase over the term of the lease at fixed rates and include rent holidays and provide for additional renewal periods.

Lease expense is recognized over the term of the lease on a straight-line basis. All of the Company’s leases are classified as operating leases. The Company has determined that periods covered by options to extend the Company’s leases are excluded from the lease term as the Company is not reasonably certain the Company will exercise such options. Operating lease expense, including expenses related to short-term leases, was $0.1 million for each of the three months ended June 30, 2025 and 2024. Operating lease expense, including expenses related to short-term leases, was $0.3 million for each of the six months ended June 30, 2025 and 2024.

Under the lease arrangements, the Company may be required to pay directly, or reimburse the lessor for real estate taxes, insurance, utilities, maintenance and other operating costs. Such amounts are variable and therefore not included in the measurement of the right-of-use assets and related lease liability but are instead recognized as variable lease expense in the Company's condensed consolidated statements of operations when they are incurred. Variable lease expense, including expenses related to short-term leases, was $0.1 million for each of the three months ended June 30, 2025 and 2024. Variable lease expense, including expenses related to short-term leases, was $0.1 million and $0.2 million for the six months ended June 30, 2025 and 2024, respectively.

The Company records its right-of-use (ROU) assets within other assets (long term) and its operating lease liabilities within other current and long-term liabilities.

Additional information related to the Company’s leases as of and for the six months ended June 30, 2025 and 2024, respectively, is as follows (in thousands, except lease term and discount rate):


	Six Months Ended June 30,
	2025			2024
Operating cash flows from operating leases	$	137		$	245
Weighted-average remaining lease term - operating leases (in years)		1.67			1.96
Weighted-average discount rate - operating leases		8.25	%		8.25	%

As of June 30, 2025, the Company does not have any leases that have not yet commenced that create significant rights and obligations.