Leases

12 Months Ended

Dec. 31, 2025

The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non-cancellable operating leases. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments.

For both the years ended December 31, 2025 and 2024, the Company recognized $0.2 million of operating lease expense and $0.1 million was recorded for short-term leases.

In 2021, the Company entered into a sub-lease agreement (the “2021 Sub-Lease”) with its previous sub-lessee pursuant to which, effective August 2, 2021, the previous sub-lessee would become the lessee and the Company would then sublease its portion of the premises in Galway, Ireland from the previous sub-lessee. The Company’s annual rent expense under the 2021 Sub-Lease is less than $0.1 million for a term of 5 years.

On January 18, 2024, the Company entered into a lease agreement (the “Queensbury Lease”) to lease approximately 18,000 square feet of manufacturing and office space in Queensbury, New York (the “Premises”). The initial term of the lease is five years with a right to extend the lease by an additional five years, exercisable under certain conditions set forth in the Queensbury Lease. The Company’s annual rent expense under the Queensbury Lease is less than $0.2 million for a term of 5 years.

The following table summarizes the Company’s operating leases as of December 31, 2025:


(In thousands)	U.S.			Ireland			Total
Operating cash flows from operating leases	$	(144)		$	(46)		$	(190)
Weighted average remaining lease term	8.1			0.6
Weighted average discount rate - operating leases	8		%	8		%

Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:


(In thousands)	U.S.		Ireland		Total
Year ended December 31, 2026	$	144	$	27	$	171
Year ended December 31, 2027	148		—		148
Year ended December 31, 2028	152		—		152
Year ended December 31, 2029	157		—		157
Year ended December 31, 2030	158		—		158
Thereafter	486		—		486
Total	1,245		27		1,272
Less present value discount	(335)		(1)		(336)
Operating lease liabilities included in the consolidated balance sheets at December 31, 2025	$	910	$	26	$	936