In May and November 2023, the Company entered into two separate lease agreements for a total of approximately 8,500 square feet of office space in San Diego, California. These leases will expire in January 2026 and February 2027, respectively. The larger of the two leases has one option to extend the lease term for an additional five years. The option to extend the lease term was not included in the right-of-use asset and lease liability as it was not reasonably certain of being exercised.

In September 2024, the Company amended its lease for office space and a manufacturing facility in Irvine, California to include two renewal options. The Company is reasonably certain it will exercise one of these options, extending the lease term from May 2027 to June 2032, which has been factored into the lease liability. As the amendment only resulted in the extension of the lease term, it did not meet the criteria to be accounted for as a separate contract. Accordingly, the right-of-use asset and lease liability were remeasured as of the effective date of the amendment, resulting in the recording of an additional right-of-use asset and lease liability of $3.8 million.

In October 2024, the Company entered into a lease agreement for an additional office suite to expand its office space in San Diego, California, which expires in March 2027. As a result, the Company recognized operating lease right-of-use asset and associated operating lease liability of $0.2 million on the balance sheets in 2024.

The components of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
	(in thousands)				(in thousands)
Operating lease cost–fixed	$	418	$	321	$	833	$	645
Operating lease cost–variable		40		25		84		71
Short-term lease expense		4		4		8		9
Total lease expense	$	462	$	350	$	925	$	725

Cash paid for amounts included in the measurement of operating lease liabilities was $0.8 million and $0.5 million, respectively, for the six months ended June 30, 2025 and 2024.

Future lease payments under non-cancellable leases as of June 30, 2025 were as follows:


(in thousands)
Year Ending December 31,
2025	$	783
2026		1,532
2027		929
2028		1,050
2029		1,092
Thereafter		2,918
Total future lease payments	$	8,304
Less: imputed interest		(1,617	)
Total lease liabilities	$	6,687