Leases

3 Months Ended

Mar. 31, 2026

7. Leases

The Company has an office lease for its headquarters in New York, New York that continues through March 2032. The Company's real estate lease agreement includes variable payments that are passed through by the landlord, such as insurance, taxes, and common area maintenance, and payments based on the usage of the asset. Pass-through charges and payments due to changes in usage of the asset are included within variable rent expense. Operating leases are recognized over the lease term and included in general and administrative expenses in the accompanying condensed statements of operations. Variable lease expenses are recognized in general and administrative expenses in the accompanying condensed statements of operations as incurred.

In November 2025, the Company entered into an amendment to the lease agreement providing for approximately 4,600 square feet of additional office space through March 2032. The additional office space is expected to be delivered to the Company on or before July 1, 2026. The additional space will be treated as a separate lease and recognized when access is granted per ASC 842.

The Company’s lease agreement does not contain material residual value guarantees, restrictions, or covenants. The Company has no other operating leases recognized on the accompanying condensed balance sheets.

The components of lease expense were as follows for the three months ended March 31, 2026 and 2025 (in thousands):


	Three Months Ended March 31,
	2026			2025
Operating lease expense	$	133		$	135
Short-term lease expense		—			—
Variable lease expense		(5	)		9
Total lease expense	$	128		$	144

Supplemental balance sheet information related to operating leases as of March 31, 2026 and December 31, 2025 was as follows:


	March 31, 2026			December 31, 2025
Weighted average remaining lease term (in years)		6.0		6.3
Weighted average discount rate		9.6	%		9.6	%

Other information related to leases for the three months ended March 31, 2026 and 2025 was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities	$	183	$	33

As of March 31, 2026, future minimum commitments under operating leases were as follows (in thousands): (1)


Year Ending December 31,	As of March 31, 2026
2026 (remaining period)	$	548
2027		730
2028		764
2029		775
2030		775
Thereafter		969
Total future lease payments	$	4,561
Less: imputed interest		(1,091	)
Present value of lease payments	$	3,470

(1) The table excludes approximately $2.6 million of minimum lease payments for the additional leased space for which a contract has been signed, but has not yet commenced.