The Company leases office space in Mountain View, Santa Rosa, San Francisco and Rohnert Park, California, Austin, Texas, and Tokyo, Japan.

In August 2021, the Company entered into a facility lease agreement for approximately 61,000 rentable square feet in Mountain View, California through August 2030. In connection with the lease, the Company established a standby letter of credit for the benefit of the landlord in the amount of $4.3 million in August 2021, which is classified as non-current restricted cash on the condensed consolidated balance sheets as of March 31, 2026 and December 31, 2025.

In March 2026, the Company entered into a sublease agreement (the “Sublease”) with a third-party subtenant to sublease its Mountain View, California facility. The initial term of the Sublease commenced in April 2026 and continues until August 2030, consistent with the remaining term of the Company’s Master Lease, with 52% occupancy of the facility beginning April 2026 and full occupancy by March 2027. The Sublease provides for an initial annual base rent of approximately $1.2 million, which increases annually up to a maximum annual base rent of approximately $2.4 million. The subtenant is obligated to pay its ratable portion of operating costs, annual tax costs and all utility costs attributable to the facility during the term of the Sublease. The subtenant will provide the Company with a letter of credit in the amount of $0.8 million in place of a security deposit. The Company evaluated the associated ROU asset and leasehold improvements for impairment as the substantially lower sublease income indicated that the carrying amount of such assets may not be recoverable. The Company compared the carrying value of the impacted assets to the fair value based on the Company’s estimate of discounted future cash flows to determine the impairment amount and recognized an asset impairment charge of $7.5 million during the three months ended March 31, 2026, of which $7.4 million was attributable to the ROU asset and $136,000 was attributable to leasehold improvements.

In October 2024, the Company entered into an agreement to sublease approximately 4,000 rentable square feet of office space in Santa Rosa, California for 29 months through March 2027. In connection with this sublease, the Company paid a security deposit of $8,000 and recorded an ROU asset and lease liability of $169,000.

In July 2025, the Company entered into an agreement to sublease approximately 8,100 rentable square feet of office space in San Francisco, California for 39 months through January 2029. In connection with this sublease, the Company paid a security deposit of $90,000 and recorded an ROU asset and lease liability of $1,254,000. On March 17, 2026, the Company amended the lease agreement to include an additional 5,018 rentable square feet and to extend the term for a period of 51 months through August 2030. The expansion effective date is expected to

commence in the second quarter of 2026. The average monthly lease payments are approximately $47,400 per month for the expansion period and $26,500 per month for the lease extension during the amended lease term. An additional security deposit of $62,000 is also required.

Rohnert Park, California

In December 2025, the Company entered into a facility lease agreement for approximately 13,100 rentable square feet of office space in Rohnert Park, California for 63 months through September 2031, with the option to extend for one additional three-year period. In connection with the lease, the Company paid a security deposit of $39,000 and recorded an ROU asset and lease liability of $2.8 million upon lease commencement in the first quarter of 2026. The lease also provides for a tenant improvement allowance of $173,000.

Austin, Texas

In September 2025, the Company amended the lease for its Austin, Texas facility, which provides for approximately 26,000 square feet of space, to extend the lease term an additional 12 months through December 2026 and recorded an ROU asset and lease liability of $561,000 in connection with the lease extension. In January 2026, the Company amended the lease to extend the lease term an additional 51 months through March 2031, with the option to extend for two additional three-year periods. In connection with the lease amendment, the Company recorded an ROU asset and lease liability of $2.5 million. The lease amendment also provided for a tenant improvement allowance of $71,000. A security deposit of $150,000 was recorded as non-current restricted cash as of March 31, 2026 and December 31, 2025, on the condensed consolidated balance sheets related to this lease.

Tokyo, Japan

The Company had one non-cancellable operating lease for its facility in Tokyo, Japan, which was set to expire in November 2024. In April 2024, the Company entered into an agreement to extend the lease for an additional three years through November 2027. In connection with the amended lease agreement, the Company recorded an ROU asset and lease liability of $420,000.

Operating lease cost consisted of the following (in thousands):



	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	1,448	$	1,251
Variable lease cost		339		363
Total lease cost	$	1,787	$	1,614

Cash paid for amounts included in the measurement of operating lease liabilities was $1.5 million and $1.4 million during the three months ended March 31, 2026 and 2025, respectively.

The following table summarizes the maturities of the aggregate lease payments under the Company’s operating lease liabilities as of March 31, 2026 (in thousands):


Year Ending December 31:	Amount
2026	$	5,044
2027		6,846
2028		7,066
2029		6,811
2030		5,150
2031 and after		696
Total minimum lease payments		31,613
Less: Amount of lease payments representing interest		5,264
Present value of future minimum lease payments	$	26,349
Less: Current lease liabilities		6,382
Long-term lease liabilities	$	19,967

The following table summarizes additional information related to the Company’s operating leases (in thousands, except weighted-average data):



	March 31,		December 31,
	2026		2025
Right-of-use asset	$	14,407	$	17,488
Weighted average remaining lease term (years)		4.5		4.3
Weighted average discount rate (percent)		8.7%		8.6%