In April 2026, the Company entered into an operating lease agreement (the “ARE Lease”) with ARE-San Francisco No. 46, LLC, an affiliate of Alexandria Real Estate Equities, Inc. (“Alexandria”), for approximately 33,780 rentable square feet of laboratory and office space in South San Francisco, California. The ARE Lease commenced in August 2026 and expires in November 2028. The ARE Lease provides for abatement of base rent for the first six months following commencement, after which base rent is payable and increases 3% annually. Fixed lease payments over the term total approximately $3.3 million. In addition to base rent, the Company is responsible for its share of operating expenses, including during the abatement period, which are recognized as variable lease cost as incurred. Lease cost is recognized on a straight-line basis over the lease term. The lessor is a related party (see Note 11).

The ARE Lease includes one option to extend the term by 36 months at market rent. The extension period is not included in the lease term because the Company was not reasonably certain at commencement that it would exercise the option.

As required by the ARE Lease, the Company provided the lessor a $0.2 million letter of credit as a security deposit. The letter of credit is collateralized by $0.2 million of restricted cash, which is included in other assets on the condensed balance sheet.

At commencement, the Company recognized an operating lease right-of-use (“ROU”) asset of $2.9 million and an operating lease liability of $2.8 million. The ROU asset exceeds the lease liability due to rent paid in advance of lease commencement. The ARE Lease was measured using an incremental borrowing rate of 9.5%.

The Company also leased certain laboratory and office space from Lilly under a lease agreement that expired in August 2026. The operating lease ROU asset and operating lease liability as of December 31, 2025 related entirely to this lease (see Note 11).

The components of lease cost are as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease cost	$	450	$	344	$	1,103	$	1,022
Variable lease cost		130		—		130		—
Total lease cost	$	580	$	344	$	1,233	$	1,022

Cash paid for amounts included in the measurement of operating lease liabilities was $0.9 million and $1.0 million for the nine months ended September 30, 2026 and 2025, respectively. These payments related entirely to the Company’s lease with Lilly, as the ARE Lease was still within its six-month base rent abatement period. As of September 30, 2026, the ARE Lease was the Company’s only operating lease, with a remaining lease term of 2.2 years and a discount rate of 9.5%. As of

December 31, 2025, the Company’s only operating lease was its lease with Lilly, with a remaining lease term of 0.5 years and a discount rate of 4.0%.

Future minimum fixed lease payments under the operating lease as of September 30, 2026 are as follows (in thousands):


Year Ending December 31,	Amount
Remainder of 2026	$	—
2027		1,437
2028		1,736
Total undiscounted lease payments		3,173
Less: imputed interest		(360	)
Total lease liabilities		2,813
Lease liabilities, current		(717	)
Lease liabilities, noncurrent	$	2,096