XML 23 R16.htm IDEA: XBRL DOCUMENT

Leases

9 Months Ended

Sep. 30, 2025

7. Leases

In December 2020, the Company entered into an operating lease agreement for laboratory and office space located at 480 Arsenal Way, Watertown, Massachusetts (the “Arsenal Way Lease”). The lease commenced in April 2021, with a term of seven years and an option to extend the term for an additional five years at then-market rental rates. The Company delivered a letter of credit of $0.3 million to the landlord, which was subsequently reduced to $0.2 million in August 2024 in accordance with the lease, which is included in restricted cash in the accompanying condensed consolidated balance sheets. Under the terms of the lease, the base rent is $1.0 million, subject to a 3% annual rent increase, plus an allocation of operating expenses and taxes.

In August 2023, the Company entered into an operating lease agreement, denominated in Swedish Krona, for office and laboratory space located in Lund, Sweden. The term of the lease commenced in December 2023. The lease has an initial term of three years and will automatically renew for an additional term of three years unless the Company provides written notice of termination nine months prior to the termination date.

In July 2024, the Company entered into an operating lease agreement, denominated in Swedish Krona, for additional office and laboratory space adjacent to its existing leased space located in Lund, Sweden. The term of the lease commenced in September 2024. The lease has an initial term of three years and will automatically renew for an additional term of three years unless the Company provides written notice of termination nine months prior to the termination date.

The total lease cost included within research and development expenses and general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive loss was $0.5 million for the three months ended September 30,

2025 and 2024. The total lease cost included within research and development expenses and general and administrative expenses in the Company’s condensed consolidated statements of operations and comprehensive loss was $1.4 million for the nine months ended September 30, 2025 and 2024.

Future minimum annual lease commitments under the Company’s non-cancelable operating leases as of September 30, 2025 were as follows (in thousands):


Year ended December 31,	Amount
2025 (remaining 3 months)	$	341
2026		1,338
2027		1,210
2028		404
2029		—
Total lease payments		3,293
Less: interest		(304	)
Present value of operating lease liabilities	$	2,989