Commitments and Contingencies

6 Months Ended

Jun. 30, 2025

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

Commitments and Contingencies

Operating Leases

The Company continues to lease office and laboratory space in Cambridge, Massachusetts and Boulder, Colorado, which leases expire on June 30, 2027 and September 30, 2028, respectively. The table below summarizes the Company’s operating lease costs for the three and six months ended June 30, 2025 and 2024 (in thousands except for lease terms and borrowing rates):

	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Operating lease costs:
Lease expense	$	609		$	609		$	1,218		$	1,218
Short-term lease expense	14			14			28			27
Variable lease expense	365			338			658			673
Total operating lease costs	$	988		$	961		$	1,904		$	1,918
Other information:
Operating cash flows used for operating leases	$	575		$	650		$	1,711		$	1,753
Weighted-average remaining lease term in years	2.2			3.2			2.2			3.2
Weighted-average incremental borrowing rate	6.73		%	6.72		%	6.73		%	6.72		%

Maturities of operating lease liabilities as of June 30, 2025 were as follows (in thousands):

2025 remaining	$	1,752
2026	3,558
2027	1,980
2028	264
Total lease payments	7,554
Less: amount representing imputed interest	(515)
Total future minimum lease obligations	$	7,039

Finance Leases

The Company leases certain specialized lab equipment under several finance lease agreements with maturities ranging from October 2028 to November 2028. The table below summarizes the Company’s finance lease costs for the three and six months ended June 30, 2025 and 2024 (in thousands except for lease terms and borrowing rates):

		Three Months Ended June 30,						Six Months Ended June 30,
	Classification	2025			2024			2025			2024
Finance lease costs:
Amortization of ROU assets	Depreciation and amortization	$	13		$	49		$	39		$	98
Interest on lease liabilities	Other expense	1			7			4			16
Total finance lease costs		$	14		$	56		$	43		$	114
Other information:
Operating cash flows used for finance leases		$	30		$	89		$	79		$	178
Weighted-average remaining lease term in years		3.3			1.7			3.3			1.7
Weighted-average incremental borrowing rate		7.74		%	8.19		%	7.74		%	8.19		%

Maturities of finance lease liabilities as of June 30, 2025 were as follows (in thousands):

2025 remaining	$	31
2026	31
2027	31
Total lease payments	93
Less: amount representing imputed interest	(8)
Total future minimum lease obligations	$	85

Legal Proceedings

There are no matters currently outstanding for which any liabilities have been accrued or require disclosure.