Leases

3 Months Ended

Mar. 31, 2026

The Company enters into leases for real estate and equipment. Real estate leases are for our corporate office space and laboratories around the world. Real estate leases have remaining lease terms of less than 1 year to 15 years. Many of the Company’s leases include options to extend the leases on a month to month basis or for set periods for up to 20 years. Many leases also include options to terminate the leases within 1 year or per other contractual terms.

The components of lease expense were as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Operating lease cost	$	7,742	$	8,065
Variable lease cost	$	3,390	$	3,012

Supplemental cash flow information related to the leases was as follows (in thousands):


	Three Months Ended March 31,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	5,508	$	6,663

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	15,827	$	5,897

Supplemental balance sheet information related to the leases was as follows (in thousands):


	As of
	March 31, 2026			December 31, 2025
Operating lease right-of-use assets - related parties	$	66,898		$	68,416
Operating lease right-of-use assets - non-related parties	59,914			49,399
Operating lease right-of-use assets	$	126,812		$	117,815

Other current liabilities - related parties	7,072			6,915
Other current liabilities - non-related parties	16,766			16,294
Other current liabilities	$	23,838		$	23,209

Operating lease liabilities - related parties	75,492			77,344
Operating lease liabilities - non-related parties	46,764			36,299
Operating lease liabilities	122,256			113,643
Total operating lease liabilities	$	146,094		$	136,852

Weighted Average Remaining Lease Term (years)
Operating leases	9.2			9.1
Weighted Average Discount Rate
Operating leases	5.7		%	5.7		%

Lease payments due related to lease liabilities as of March 31, 2026 were as follows (in thousands):


	Related Party Operating Leases		Non-Related Parties Operating Leases		Total Operating Leases
Remainder of 2026	$	8,868	$	14,309	$	23,177
2027	10,839		16,671		27,510
2028	8,609		11,779		20,388
2029	8,824		9,441		18,265
2030	9,045		6,840		15,885
Later years	73,800		14,123		87,923
Total lease payments	119,985		73,163		193,148
Less: imputed interest	(37,421)		(9,633)		(47,054)
Total	$	82,564	$	63,530	$	146,094