The Company’s leases are for office and laboratory spaces, classified as operating leases.

On November 19, 2021, in connection with its laboratory and office space in Woburn, MA (“Woburn lease”), the Company provided to the landlord a standby letter of credit in the amount of $131 (the “LOC”), which served as security for the Company’s performance of its obligations under the lease and bears interest at a per annum rate of the U.S. prime rate plus 1%, with the minimum interest rate no less than 4.25%. The Woburn lease and related LOC were terminated in July 2025.

The Company’s operating lease costs related to the long-term leases were $427 and $594 for the years ended December 31, 2025 and 2024. The operating cash flows related to the long-term leases were $456 and $566 for the years ended December 31, 2025 and 2024.

In August 2025, the Company entered into the lease for the office space in Burlington, MA (“Burlington lease”). The Burlington lease has a term of less than 12 months and does not include renewal options that are reasonably certain to be exercised. Accordingly, the lease qualifies as a short-term lease under ASC 842 and no operating right-of-use asset or operating lease liability was recognized on the consolidated balance sheet as of December 31, 2025. The lease expense related to the Burlington lease was $13 for the year ended December 31, 2025.

As the lease is cancellable on a month-to-month basis, the Company had no fixed future minimum payment obligations as of December 31, 2025.