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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases | 9. Leases As of June 30, 2025, the Company is party to five operating leases for laboratory and office space. The Company’s finance leases are immaterial both individually and in the aggregate. In the consolidated balance sheet as of June 30, 2025, the Company has a right-of-use lease asset (“ROU”) balance of $1.5 million and a current and non-current lease liability of $0.8 million and $0.9 million, respectively, relating to the ROU lease asset. The balance of both the ROU lease asset and the lease liabilities primarily consists of future payments under the Company’s office and laboratory space leased in New York, New York, Rockville, Maryland and Copenhagen, Denmark. Rent expense for the three months ended June 30, 2025 and 2024 was $0.2 million, respectively. Rent expense for the six months ended June 30, 2025 and 2024 was $0.4 million, respectively. Qualitative information regarding the Company’s leases as of June 30, 2025 is as follows:
Location |  | Lease Type |  | Lease Nature |  | Lease Commencement |  | Lease Term Expiration |  | Annual Base Rent (in Millions) |
Copenhagen, Denmark |  | Operating |  | Office |  | March 2021 |  | December 2027 |  | $ | 0.2 |
Copenhagen, Denmark |  | Operating |  | Office |  | December 2024 |  | December 2027 |  | $ | 0.04 |
Copenhagen, Denmark |  | Operating |  | Lab |  | January 2023 |  | December 2027 |  | $ | 0.04 |
Newport, United Kingdom |  | Operating |  | Office |  | June 2023 |  | May 2025 |  | $ | 0.04 |
New York, New York |  | Operating |  | Office |  | October 2021 |  | January 2027 |  | $ | 0.2 |
Rockville, Maryland |  | Operating |  | Lab |  | December 2021 |  | May 2027 |  | $ | 0.3 |
Quantitative information regarding the Company’s leases for the six months ended June 30, 2025 and 2024 is as follows (in thousands):
|  | Six Months Ended |  |  | Six Months Ended |
Lease Cost |  | June 30, 2025 |  |  | June 30, 2024 |
Operating lease cost |  | $ | 359 |  |  | $ | 369 |
Operating cash flows paid for amounts included in the measurement of lease liabilities |  | $ | 413 |  |  | $ | 385 |
Operating lease liabilities arising from obtaining right-of-use assets |  | $ | — |  |  | $ | — |
Remaining average lease term (years) |  |  | 2.1 |  |  |  | 3.0 |
Weighted average discount rate |  |  | 6.4 | % |  |  | 6.3 | %
Future lease payments (undiscounted) under noncancelable leases are as follows as of June 30, 2025 (in thousands):
Future Lease Payments |  | Amount |
Remainder of 2025 |  | $ | 419 |
2026 |  |  | 863 |
2027 |  |  | 470 |
2028 |  |  | — |
2029 |  |  | — |
Thereafter |  |  | — |
Total |  | $ | 1,752 |
The Company’s leases do not provide an explicit rate. Therefore, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments. The Company used the incremental borrowing rate on January 1, 2022 for operating leases that commenced prior to that date, which is the rate incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment.

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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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