Commitments and Contingencies

9 Months Ended

Sep. 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, which lease expires on June 30, 2027. As of September 30, 2025, the Company has vacated its Boulder, Colorado lease location, which lease expires on September 30, 2028. The Company is currently pursuing sublease opportunities for the space. As of September 30, 2025, it was determined that the market rate for similar space is less than the rate the Company is paying under the lease. As a result, the Company has recognized in the condensed consolidated statement of operations an impairment charge of $0.5 million related to the right of use (“ROU”) asset.

The table below summarizes the Company’s operating lease costs for the three and nine months ended September 30, 2025 and 2024 (in thousands except for lease terms and borrowing rates):

	Three Months Ended September 30,						Nine Months Ended September 30,
	2025			2024			2025			2024
Operating lease costs:
Lease expense	$	598		$	609		$	1,816		$	1,827
Short-term lease expense	14			14			42			40
Variable lease expense	358			344			1,016			1,017
Total operating lease costs	$	970		$	967		$	2,874		$	2,884
Other information:
Operating cash flows used for operating leases	$	876		$	770		$	2,587		$	2,523
Weighted-average remaining lease term in years	1.9			2.9			1.9			2.9
Weighted-average incremental borrowing rate	6.73		%	6.72		%	6.73		%	6.72		%

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

2025 remaining	$	877
2026	3,558
2027	1,980
2028	264
Total lease payments	6,679
Less: amount representing imputed interest	(407)
Total future minimum lease obligations	$	6,272

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 nine months ended September 30, 2025 and 2024 (in thousands except for lease terms and borrowing rates):

		Three Months Ended September 30,						Nine Months Ended September 30,
	Classification	2025			2024			2025			2024
Finance lease costs:
Amortization of ROU assets	Depreciation and amortization	$	7		$	49		$	46		$	146
Interest on lease liabilities	Other expense	2			6			6			22
Total finance lease costs		$	9		$	55		$	52		$	168
Other information:
Operating cash flows used for finance leases		$	14		$	89		$	93		$	268
Weighted-average remaining lease term in years		3.1			1.8			3.1			1.8
Weighted-average incremental borrowing rate		7.74		%	8.24		%	7.74		%	8.24		%

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

2025 remaining	$	18
2026	31
2027	31
Total lease payments	80
Less: amount representing imputed interest	(6)
Total future minimum lease obligations	$	74

Legal Proceedings

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