Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

7. Leases

As of December 31, 2023, the Company was a party to a lease related to commercial real estate under a non-cancelable lease term and a short-term lease related to commercial real estate.

In July 2024, the Company entered into an operating lease agreement for office space located at 890 Winter Street in Waltham, Massachusetts. The lease commenced in September 2024 and the Company began paying monthly rent starting one month after the lease commenced. The Company occupies approximately 16,801 square feet of space under a three-year agreement expiring in October 2027. Initial base rent is approximately $0.7 million for the first year and approximately $0.8 million for the second and third year.

As of December 31, 2023, the Company had an operating lease for office space at 460 Totten Pond Road, Waltham, Massachusetts. In July 2024, the Company provided notice of termination. This notice became effective on October 9, 2024, after which the Company’s rights and obligations under this lease ceased. The lease expired on June 30, 2024, after which the Company continued to pay rent on a month-to-month basis until October 9, 2024. Under its lease, the Company pays a proportional share of operating expenses. Such operating expenses are subject to annual adjustment and are accounted for as variable payments in the period in which they are incurred.

The components of lease cost, which are included in the consolidated statements of operations and comprehensive loss, were as follows (in thousands):

	December 31,
	2024		2023
Lease Cost:
Operating lease cost	$	256	$	88
Short-term lease cost		202		202
Variable lease cost		19		9
Total lease cost	$	477	$	299

Supplemental disclosure of cash flow information related to leases were as follows (in thousands):

	December 31,
	2024		2023
Cash paid for amounts included in the measurement of lease liabilities	$	207	$	92

The weighted-average discount rate and remaining lease term were as follows:

	December 31,
	2024			2023
Weighted-average discount rate — operating leases		11.7	%		15.7	%
Weighted-average remaining lease term — operating leases		2.8			0.5

The maturities of operating lease liabilities were as follows (in thousands):

Year Ended December 31,	Amount
2025	$	742
2026		759
2027		644
Total lease payments		2,145
Less: imputed interest		(311	)
Present value of lease liabilities		1,834
Less: operating lease liabilities, current portion		(704	)
Operating lease liabilities, net of current portion	$	1,130