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v3.26.1

Operating Leases | 6 Months Ended
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Jun. 30, 2026
Operating Leases |
Operating Leases | 7. Operating Leases The Company leases offices in Bethesda (United States), Lugano (Switzerland), and Barcelona (Spain). Certain of the Company’s leases include options to extend or terminate the lease. Renewal options are included in the calculation of ROU assets and lease liabilities when the Company is reasonably certain that renewal options will be exercised. Periods subject to termination options are included in the lease term only when the Company is reasonably certain not to exercise the termination option. The Company’s lease agreements do not contain residual value guarantees or material restrictive covenants. The operating lease expenses are reported as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | Three Months Ended June 30 | ​ | Six Months Ended June 30
​ | 2026 | ​ ​ ​ | 2025 |  | 2026 | ​ | 2025
Research and development | $ | 21,697 | ​ | $ | 36,676 | ​ | $ | 43,564 | ​ | $ | 70,587
General and administrative | ​ | 10,109 | ​ | ​ | 9,686 | ​ | ​ | 20,310 | ​ | ​ | 18,574
Total operating lease costs | $ | 31,806 | ​ | $ | 46,362 | ​ | $ | 63,874 | ​ | $ | 89,161
​ For the three months ended June 30, 2026 and 2025, the Company incurred short-term lease expense of $18 thousand for both periods. For the six months ended June 30, 2026 and 2025, the Company incurred short-term lease expense of $59 thousand and $35 thousand, respectively. This expense was recognized on a straight-line basis and reported within general and administrative costs. The future minimum lease payments for the Company’s operating leases as of June 30, 2026, are as follows:
​ | ​ | ​ | ​
Fiscal Year | ​ ​ ​ | Operating Leases
2026 | ​ | $ | 62,280
2027 | ​ | ​ | 79,634
2028 | ​ | ​ | 47,912
2029 | ​ | ​ | 49,156
2030 | ​ | ​ | 50,436
Total future minimum lease payments | ​ | ​ | 289,418
Less amount representing interest or imputed interest | ​ | ​ | 23,230
Present value of lease liabilities | ​ | $ | 266,188
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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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