Leases

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Leases

5. Leases

Operating Leases

The Company has entered into, and subsequently amended, an operating lease agreement with respect to its corporate headquarters located at 675 Massachusetts Avenue, Cambridge, Massachusetts where the Company leases approximately 23,400 square feet of office space. The Company's lease extends through July 2027.

For the years ended December 31, 2024 and 2023, the components of operating lease expense were as follows (in thousands):

Operating lease expense	Statement of Operations Location	December 31, 2024		December 31, 2023
Fixed operating lease expense	Research and development expense	$	757	$	1,048
	General and administrative expense		757		559
Variable operating lease expense	Research and development expense		35		12
	General and administrative expense		35		7
Total operating lease expense		$	1,584	$	1,626

Supplemental cash flow information related to the Company’s operating leases for the years ended December 31, 2024 and 2023, was as follows (in thousands):

	December 31, 2024		December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,718	$	1,690

The following table presents the lease balances within the consolidated balance sheet, weighted average remaining lease term, and the weighted average discount rates related to the Company’s operating and finance leases as of December 31, 2024 and 2023 (in thousands, except for the weighted average remaining lease term and the weighted average discount rate):

Lease Assets and Liabilities	Classification	December 31, 2024			December 31, 2023
Assets
Operating	Operating lease right-of-use assets	$	3,114		$	4,155
Total leased assets		$	3,114		$	4,155
Liabilities
Current
Operating	Operating lease liabilities	$	1,746		$	1,718
Non-Current
Operating	Non-current operating lease liabilities		2,551			3,825
Total lease liabilities		$	4,297		$	5,543
Weighted average remaining lease term (in years)			2.6			3.6
Weighted average discount rate			9.8	%		9.8	%

The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2024 (in thousands):

Years Ending December 31,
2025		1,746
2026		1,956
2027		1,156
Total future minimum lease payments		4,858
Less imputed interest		(561	)
Total operating lease liabilities	$	4,297