6. Operating Lease

The Company leases office space under operating lease arrangements. During the three months ended March 31, 2026, the Company’s previously amended operating lease for 7,404 square feet of office space expired. In connection with this lease, the Company made lease payments of approximately $0.1 million.

In November 2025, the Company entered into a new operating lease for 10,734 square feet of office space, which commenced on February 1, 2026. The lease has an initial term of 1.5 years and includes an option to extend the term for an additional year at the Company’s discretion. At lease commencement, the Company recognized a right-of-use asset and corresponding lease liability based on the present value of the remaining lease payments. Because the lease does not provide a readily determinable implicit rate, the Company used its estimated incremental borrowing rate as of the commencement date. Operating lease cost is recognized on a straight-line basis over the lease term and is included in general and administrative expenses in the statements of operations. During the three months ended March 31, 2026, the Company made lease payments of approximately $0.1 million.

During the three months ended March 31, 2026, the Company reflected amortization of right-of-use asset of approximately $0.1 million, resulting in a right-of-use asset balance of approximately $0.8 million at March 31, 2026. During the three months ended March 31, 2026, the Company made cash payments on the lease of $0.1 million towards the lease liability. As of March 31, 2026, the total lease liability was approximately $0.8 million.

As of March 31, 2026, maturities of the Company’s lease liabilities are as follows (in thousands):

The remaining lease term and discount rates related to the Company’s right of use assets and lease liabilities for its operating leases were as follows: