Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments And Contingencies Disclosure [Abstract]

3. Commitments and Contingencies

Leases

In December 2016, the Company entered into an operating lease for office space in Solana Beach, California (the “Initial Lease”). The Initial Lease commenced on January 1, 2017, and as amended, expired on October 31, 2023.

Upon expiration of the Initial Lease, the Company entered into an operating lease for a new office space in Solana Beach, California commencing on November 1, 2023 and expiring on October 31, 2024 (the “Short-Term Lease”). The Short-Term Lease qualified as a short-term lease under ASC 842 and was not recorded on the balance sheet. Operating lease expense for the Short-Term Lease was recognized on a straight-line basis over the lease term as general administrative expense within the statement of operations.

Upon expiration of the Short-Term Lease, the Company entered into an amendment for the same office space in Solana Beach commencing on November 1, 2024 and expiring on March 31, 2027 (the “Current Lease”). As the Current Lease agreement did not include an implicit rate, the Company estimated the incremental borrowing rate of 10% utilized to discount future minimum lease payments based on information available at lease commencement. Operating lease expense for the Current Lease is recognized on a straight-line basis over the lease term. The Company recognized a right-of-use asset obtained in exchange for new lease obligations of $0.2 million upon commencement of the Current Lease. The new lease liability obligation is recorded in operating lease liability and operating lease liability, net of current portion in the balance sheets. As of September 30, 2025, the remaining lease term was 1.5 years.

The following table summarizes supplemental lease information:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Lease costs(1)	$	19,147	$	18,982	$	58,400	$	56,884
Cash paid for leases(1)	$	19,371	$	18,982	$	58,113	$	56,884

(1)

During the three and nine months ended September 30, 2024, lease costs and cash paid for leases were wholly attributable to short-term leases. For all periods presented, variable lease costs included in general and administrative expense were immaterial.

Future lease payments as of September 30, 2025 were as follows:


Years Ending December 31,
2025 (Remainder)	$	19,758
2026		80,207
2027		20,551
Total future lease payments		120,516
Less: imputed interest		(8,167	)
Total lease liability	$	112,349