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Commitments and Contingencies

9 Months Ended

Sep. 30, 2025

Commitments and Contingencies.

Commitments and Contingencies

7.  Commitments and Contingencies

Operating Leases

In May 2021, the Company entered into a lease for its headquarters (the “Headquarters Lease”), consisting of an operating lease agreement, as amended, for new office, laboratory, manufacturing, and other space. The lease term expires on August 31, 2035. Under the Headquarters Lease, the Company has three five-year options to extend the term of the lease. However, the Company is not reasonably certain to exercise any of these options. During the three months ended September 30, 2025 and 2024, the Company paid $545 and $532, respectively, in rent on the Headquarters Lease.  During the nine months ended September 30, 2025 and 2024, the Company paid $1,630 and $1,395, respectively, in rent on the Headquarters Lease.    

Upon the acquisition of SeQure, the Company assumed SeQure’s headquarters lease (the “SeQure Lease”) consisting of an operating lease agreement, as amended, for office and laboratory space.  The lease term expires on December 31, 2027. Under the SeQure Lease, the Company has one five-year option to extend the term of the lease. However, the Company is not reasonably certain to exercise this option. During the three and nine months ended September 30, 2025, the Company paid $133 and $300, respectively, in rent on the SeQure Lease.  

The Company had no finance leases as of September 30, 2025 and December 31, 2024.

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The components of lease cost and supplemental condensed consolidated balance sheet information for the Company’s lease portfolio were as follows:

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Three months ended September 30,

Nine months ended September 30,

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2025

2024

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2025

2024

Operating lease cost

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$

536

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$

441

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$

1,582

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$

1,323

Short-term lease cost

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3

​

8

​

9

​

28

Variable lease cost

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277

​

299

​

870

​

895

Total lease cost

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$

816

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$

748

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$

2,461

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$

2,246

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​	​	​	​	​	​	​
​	​	​
​	​	As of September 30,		​	As of December 31,
​		2025			2024
Operating leases	​	​	​	​	​	​
Assets	​	​	​	​	​	​
Right-of-use asset - operating leases	​	$	11,135	​	$	10,766
Liabilities	​	​	​	​	​	​
Operating lease liability, current	​	$	1,314	​	$	864
Operating lease liabilities, net of current portion	​		16,847	​		17,170
Total operating lease liabilities	​	$	18,161	​	$	18,034
Other information	​	​	​	​	​	​
Weighted-average remaining lease term (in years)	​	​	9.6	​	​	10.7
Weighted-average incremental borrowing rate	​	​	7.1%	​	​	7.0%

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The following table reconciles the remaining minimum lease payments to lease liabilities as of September 30, 2025:

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​	​	​	​
​		Operating Leases
Remainder of 2025	​	$	538
2026	​		2,639
2027	​	​	2,709
2028	​	​	2,338
2029	​	​	2,396
2030	​	​	2,456
2031 and thereafter	​	​	12,304
Total undiscounted lease payments	​	​	25,380
Discount factor	​		(7,219)
Present value of lease liabilities	​	$	18,161

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- Definition

The entire disclosure for commitments and contingencies.

+ References

Reference 1: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 405
-SubTopic 30
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/405-30/tableOfContent

Reference 2: http://www.xbrl.org/2003/role/disclosureRef
-Topic 440
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482648/440-10-50-4

Reference 3: http://www.xbrl.org/2009/role/commonPracticeRef
-Topic 450
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/450/tableOfContent

Reference 4: http://www.xbrl.org/2003/role/disclosureRef
-Topic 954
-SubTopic 440
-Name Accounting Standards Codification
-Section 50
-Paragraph 1
-Subparagraph (a)
-Publisher FASB
-URI https://asc.fasb.org/1943274/2147478522/954-440-50-1

Reference 5: http://www.xbrl.org/2003/role/disclosureRef
-Topic 440
-SubTopic 10
-Name Accounting Standards Codification
-Section 50
-Paragraph 4
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-Publisher FASB
-URI https://asc.fasb.org/1943274/2147482648/440-10-50-4

Reference 6: http://fasb.org/us-gaap/role/ref/legacyRef
-Topic 440
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org/440/tableOfContent

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