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Leases

3 Months Ended

Mar. 31, 2025

LEASES

The Company has entered into various non-cancelable operating lease agreements, primarily for the rent of office and lab space, with expirations at various dates through 2032. Lease cost is recognized on a straight-line basis over the lease term. Variable lease costs, which include items such as real estate taxes, common area maintenance, utilities, and storage are not included in the calculation of the right-of-use assets and are recognized as incurred.

The components of total lease costs for the three months ended March 31, 2025 and 2024 are as follows (in thousands):


	Three months ended March 31,
	2025			2024
Operating lease cost	$	2,089		$	1,674
Variable lease cost		1,645			1,408
Short-term lease costs		425			171
Sublease income		(44	)		(23	)
Total lease costs	$	4,115		$	3,230

Lease term and discount rate as of March 31, 2025 and 2024 are as follows:

As of March 31, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):


	Operating Leases
2025	$	12,531
2026		11,393
2027		11,798
2028		12,207
2029		7,428
Thereafter		12,193
Total minimum lease payments		67,550
Less: Amount representing interest		10,563
Present value of net minimum lease payments		56,987
Less: Current portion of lease liabilities		9,420
Total long-term lease liabilities	$	47,567

March 31, 2025

March 31, 2024

Weighted-average remaining lease term (in years)

Operating leases

Weighted-average discount rate

Operating leases