Leases

6 Months Ended

Jun. 30, 2025

5. Leases

The Company has a single operating lease for its corporate headquarters and laboratory space in San Diego, California. In June 2025, the Company entered into an amendment to the lease which reduced the leased space and extended the lease term for the remaining space through November 2030. Pursuant to the amended lease, the Company also has the option to re-lease the vacated space and also has a one-time option to extend the lease term by an additional three years. The amended lease includes certain rent abatement, rent escalations, tenant improvement allowances and additional charges for common area maintenance and other costs.

Under the relevant guidance, the Company reassessed the lease classification and remeasured the lease liability as of the effective date of modification and recognized a lease liability and ROU asset of approximately $6.0 million on the Company’s condensed balance sheets.

The components of lease expense included in the Company’s condensed statements of operations and comprehensive loss include (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating lease expense	$	331	$	261	$	592	$	521
Variable lease expense		215		211		395		371
Total lease expense, net	$	546	$	472	$	987	$	892

Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. The Company did not have any short-term leases or finance leases for the three and six months ended June 30, 2025 and 2024.

The weighted average remaining lease term and weighted average discount rate for operating leases were as follows:


	As of June 30,
	2025			2024
Weighted average remaining lease term (in years)		5.4			1.00
Weighted average discount rate percentage		9.00	%		3.50	%

Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Cash paid for amounts included in the measurement of operating leases	$	557	$	279	$	845	$	836

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


	Operating lease
Six months ending December 31, 2025		122
2026		1,484
2027		1,528
2028		1,574
2029		1,621
Thereafter		1,530
Total future lease payments		7,859
Less: imputed interest		(1,814	)
Total operating lease liabilities	$	6,045