Leases

6 Months Ended

Jun. 30, 2025

6. LEASES

The Company has the following operating leases:


Location	Primary Use	Lease Expiration Date	Renewal Option
Copenhagen, Denmark	Corporate headquarters	November 2029	None

The Company has no finance leases and has elected to apply the short-term lease exception to all leases with durations of one year or less. Rent expense for the three and six months ended June 30, 2025 was $5,000 and $10,000, respectively. Rent expense for the three and six months ended June 30, 2024 was $47,000 and $143,000, respectively.

Quantitative information regarding the Company’s leases for the three and six months ended June 30, 2025 and 2024 was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
Lease Cost	2025		2024		2025		2024
Operating lease cost (in thousands)	$	5	$	47	$	10	$	143
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$	5	$	48	$	10	$	140
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$	—	$	—	$	—	$	—

As of June 30, 2025 and December 31, 2024, the weighted average remaining lease term for operating leases was 4.4 years and 4.9 years, respectively.

As of June 30, 2025 and December 31, 2024, the weighted average discount rate for operating leases was 8% for both periods.

Operating lease liabilities at June 30, 2025 are as follows (in thousands):


	Operating
Future Lease Payments	Leases
2025 (excluding the period ended June 30, 2025)	$	10
2026		20
2027		20
2028		20
2029		19
Total lease payments		89
Less: imputed interest		(14	)
Total lease liabilities	$	75