v3.26.1
Leases (Q1) (Tables)
3 Months Ended 12 Months Ended
Mar. 31, 2026
Dec. 31, 2025
Leases    
Schedule of future minimum rental payments for operating leases
 
 
 
 
(in thousands)
 
 
2026
 
 
$900
2027
 
 
1,233
2028
 
 
1,270
2029
 
 
1,308
2030
 
 
1,348
Thereafter
 
 
1,388
Total undiscounted lease payments
 
 
7,447
Less: imputed interest
 
 
(1,692)
Total lease liabilities
 
 
$5,755
 
 
 
 
 
 
 
 
(in thousands)
 
 
 
2026
 
 
$3,757
2027
 
 
3,863
2028
 
 
3,973
2029
 
 
4,085
2030
 
 
4,200
Thereafter
 
 
17,421
Total undiscounted lease payments
 
 
37,299
Less: imputed interest
 
 
(13,289)
Total lease liabilities
 
 
$24,010
 
 
 
 
Summary of operating leases
 
 
 
 
 
 
Three Months Ended
(in thousands)
 
 
March 31, 2026
 
 
March 31, 2025
Operating lease expense
 
 
$476
 
 
$880
Variable lease expense
 
 
326
 
 
538
 
 
$802
 
 
$1,418
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
 
 
 
March 31, 2026
 
 
March 31, 2025
Weighted-average discount rate
 
 
9.0%
 
 
9.7%
Weighted-average remaining lease term (years)
 
 
5.8
 
 
10.0
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Three Months Ended
(in thousands)
 
 
March 31, 2026
 
 
March 31, 2025
Sublease rental income
 
 
$356
 
 
$367
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
(in thousands)
 
 
December 31, 2025
 
 
December 31, 2024
Operating lease cost
 
 
$3,419
 
 
$3,505
Variable lease cost
 
 
2,103
 
 
2,127
 
 
 
$5,522
 
 
$5,632
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
 
 
 
December 31, 2025
 
 
December 31, 2024
Weighted-average discount rate
 
 
9.7%
 
 
9.7%
Weighted-average remaining lease term (years)
 
 
9.3
 
 
10.2
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Year Ended
(in thousands)
 
 
December 31, 2025
 
 
December 31, 2024
Sublease rental income
 
 
$1,467
 
 
$987