Leases

6 Months Ended

Jun. 30, 2025

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.