Operating Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Operating Leases

Operating Leases

The Company has commitments under operating leases for office, laboratory, and manufacturing space in Malvern, Pennsylvania and other locations. The Company's corporate headquarters, located in Malvern, Pennsylvania, lease has an initial term of approximately seven years and includes options to extend the lease for up to 10 years, which the Company has not elected to account for since it is not reasonably certain that the Company will exercise such option. The Company's current GMP facility, located in Malvern, Pennsylvania, lease has an initial term of seven years and includes an option to extend the lease for up to five years, which the Company has elected to account for since it is reasonably certain that the Company will exercise such option. The Company leases two other general use facilities, within the United States, which have initial terms of two to three years and contain no option to extend.

The components of lease expense were as follows (in thousands):

	Year ended December 31,
	2025		2024
Operating lease cost	$	1,379	$	893
Variable lease cost	480		355
Total lease cost	$	1,859	$	1,248

Supplemental balance sheet information related to leases was as follows (in thousands):

	As of December 31,
	2025		2024
Right-of-use assets, net	$	4,092	$	3,613
Current lease obligations	$	858	$	519
Non-current lease obligations	3,494		3,313
Total lease liabilities	$	4,352	$	3,832

Supplemental information related to leases was as follows:

	Year ended December 31,
	2025			2024
Cash paid for amounts included in the measurement of operating lease liabilities included in operating cash flows	$	1,168		$	814
Weighted-average remaining lease terms (years)	5.1			5.9
Weighted-average discount rate	10.3		%	9.4		%

Future minimum base rent payments are approximately as follows (in thousands):

For the years ending December 31,	Amount
2026	$	1,247
2027	1,184
2028	1,203
2029	973
2030	384
Thereafter	661
Total	$	5,652
Less: present value adjustment	(1,300)
Present value of minimum lease payments	$	4,352