Leases

12 Months Ended

Dec. 31, 2025

On August 16, 2023, the Company entered into a 2.5 years lease for 4,617 square feet of office space in Boston, Massachusetts (the “Lease Agreement”). In October 2024, the Company amended its Lease Agreement to lease an additional 4,744 square feet of office space in order to expand the Company’s headquarters to 9,361 square feet of office space. The lease required a security deposit totaling $0.1 million, which the Company has met with cash on deposit.

On June 2, 2025, the Company entered into a Sublease Agreement (the “Sublease”) with J.W. Childs Associates, L.P., as sublandlord, effective on June 4, 2025. Under the Sublease, the Company leased approximately 9,682 square feet of additional office space as part of its corporate headquarters, through June 30, 2027. The base rent of the Sublease is approximately $0.5 million per year. The Sublease required an immaterial security deposit, which the Company has satisfied with cash on deposit.

On June 3, 2025, the Company entered into a second amendment to the Lease Agreement (the Lease Agreement, together with all amendments, the “Amended Lease”) to extend the term for the 9,361 square feet of office space leased under the Amended Lease through June 30, 2027. The modification of the Lease Agreement required the Company to remeasure the value of the asset and liability in accordance with ASC 842. The base rent under the Amended Lease continues to be approximately $0.6 million per year. The remeasurement did not have a material impact on the Company's right-of-use-assets.

The aggregate base rent payable by the Company under the Amended Lease and the Sublease is approximately $1.1 million per year. The Company recorded rent expense of $0.9 million and $0.4 million for the years ended December 31, 2025 and 2024, respectively.

The minimum aggregate future lease commitments are as follows (in thousands):


		Amount
2026		$	1,190
2027		604
	Total minimum lease payments	1,794
	Less: imputed interest	(84)
	Present value of lease liability	$	1,710
	Other information:
	Weighted-average remaining lease term (in years)	1.5 years
	Weighted-average discount rate	5.94		%