Leases

9 Months Ended

Sep. 30, 2026

The Company has a real estate lease for the use of office space. In March 2026, the Company entered into an operating sublease agreement for a portion of office space that it previously occupied. Sublease income is recognized on a straight-line basis over the sublease term and totaled $161 and $347 for the three and nine months ended September 30, 2026.

The table below presents supplemental information related to the operating lease:


	Nine Months Ended September 30,
	2026			2025
Operating lease costs during the period	$	422		$	422
Operating sublease income	(347)			—
Cash payments included in the measurement of operating lease liabilities during the period (1)	489			—

Weighted-average remaining lease term (in years) as of period-end	4.17			5.17
Weighted-average discount rate during the period	10.9		%	10.9		%

(1)The Company had a deferral period through January 2026 before any cash payments were required under a lease with an effective date of April 1, 2024 and an initial lease term of 6.67 years.

The Company generally utilizes its incremental borrowing rate based on information available at the commencement of the lease in determining the present value of future payments since the implicit rate for the Company’s leases is not readily determinable.

Variable lease expense includes rental increases that are not fixed, such as those based on amounts paid to the lessor based on cost or consumption, such as maintenance and utilities.

The components of operating lease costs were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2026		2025		2026		2025
Operating lease costs included in:
General and administrative	$	141	$	140	$	422	$	422
Total operating costs	141		140		422		422
Less sublease income	(161)		—		(347)		—
Total operating lease (income) costs, net	$	(20)	$	140	$	75	$	422

Maturities of the operating lease liabilities as of September 30, 2026 are summarized as follows:


Years Ending December 31,
2026 (remaining three months of the year)	$	163
2027	652
2028	652
2029	652
2030	597

Thereafter	—
Minimum lease payments	2,716
Less imputed interest	(541)
Present value of operating lease liabilities	2,175
Current portion of operating lease liabilities	436
Long-term portion of operating lease liabilities	1,739
Total operating lease liabilities	$	2,175