The Company recognizes right-of-use assets (“ROU assets”) and operating lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than 12 months. The Company adopted the short-term accounting election for leases with a duration of less than one year. The Company leases its facilities and certain IT and office equipment under non-cancellable operating leases. All of the Company’s leasing arrangements are classified as operating leases with remaining lease terms ranging from one to four years. In March 2024, the Company terminated the existing lease for its California facility and concurrently executed a new lease that effectively extended the term of the lease for five years, which has been accounted for as a lease modification. The ROU asset and operating lease liability were remeasured at the modification date, resulting in an increase to both balances of $1.0 million during the year ended December 31, 2024. There were no lease modifications during the year ended December 31, 2025.

Operating lease costs were $0.5 million for each of the years ended December 31, 2025 and 2024. Cash paid for amounts included in the measurement of operating lease liabilities was $0.5 million for each of the years ended December 31, 2025 and 2024. As of December 31, 2025 and 2024, the weighted average incremental borrowing rate was 12.70% and 12.18%, respectively, and the weighted average remaining lease term was 3.6 years and 4.1 years, respectively.