The Company leases certain of its facilities under non-cancellable operating leases expiring at various dates through 2026.

On December 15, 2020, the Company entered into a lease agreement with Tennieh LLC to lease approximately 9,800 square feet of office and lab space in San Francisco, California (the “Laboratory Lease Agreement”). The Laboratory Lease Agreement is for a period of five years commencing approximately February 1, 2021 and ending January 31, 2026. According to the terms of the Laboratory Lease Agreement, the Company paid a $0.4 million security deposit and is required to pay monthly rent and common area charges.

On August 17, 2023, the Company entered into a sublease agreement with Dropbox, Inc. to sublease approximately 6,713 square feet of office space in San Francisco, California (the “Dropbox Sublease Agreement”). The Dropbox Sublease Agreement is for a period of two years commencing on September 5, 2023 and ending December 31, 2025. According to the terms of the Dropbox Sublease Agreement, the

Company paid a $0.1 million security deposit and is required to pay monthly rent and common area charges. The sublease was accounted for under Topic 842 and the Company recorded ROU asset and lease liability of $0.2 million and $0.2 million, respectively, in the accompanying condensed consolidated financial statements.

On August 23, 2023, the Company entered into a lease agreement with The Cambridge Redevelopment Authority to lease approximately 4,020 square feet of office space in Cambridge, Massachusetts (the “Cambridge Lease Agreement”). The Cambridge Lease Agreement is for a period of three years commencing on September 15, 2023 and ending September 14, 2026. According to the terms of the Cambridge Lease Agreement, the Company paid a less than $0.1 million security deposit and is required to pay monthly rent and common area charges. The lease was accounted for under Topic 842 and the Company recorded ROU asset and lease liability of $0.7 million and $0.7 million, respectively, in the accompanying condensed consolidated financial statements.

The following table summarizes total lease expense during the three and nine months ended September 30, 2024 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Straight-line operating lease expense	$	288	$	320	$	863	$	973
Short-term lease expense		—		58		—		164
Variable lease expense		117		42		286		62
Total operating lease expense	$	405	$	420	$	1,149	$	1,199

The following table summarizes supplemental cash flow information during the three and nine months ended September 30, 2024 and 2023 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2024		2023		2024		2023
Cash paid for amounts included measurement of lease liabilities:
Operating cash flows from operating leases	$	303	$	315	$	856	$	968
Supplemental noncash information on lease liabilities arising from obtaining right-use-assets		—		896		—		896

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities as of September 30, 2024 (in thousands):


Years Ending December 31,
2024 (from October 2024)	$	305
2025		1,245
2026		263
Total future minimum lease payments		1,813
Less: Interest		(114	)
Total lease liabilities at present value		1,699
Lease liabilities, current		1,137
Lease liabilities, non-current	$	562

The following table summarizes lease term and discount rate as of September 30, 2024:


	September 30,
	2024			2023
Weighted-average remaining lease term (years)		1.51			2.47
Weighted-average discount rate		9.00	%		8.69	%