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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases | 9. 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 and six months ended June 30, 2025 and 2024 are as follows (in thousands):
| Three Months Ended June 30, |  |  | Six Months Ended June 30, |
| 2025 |  | 2024 |  |  | 2025 |  | 2024 |
Operating lease cost | $ | 2,484 |  | $ | 1,578 |  |  | $ | 4,573 |  | $ | 3,252 |
Variable lease cost |  | 1,953 |  |  | 1,475 |  |  |  | 3,598 |  |  | 2,883 |
Short-term lease costs |  | 219 |  |  | 190 |  |  |  | 644 |  |  | 361 |
Sublease income |  | (45 | ) |  | (22 | ) |  |  | (89 | ) |  | (45 | )
Total lease costs | $ | 4,611 |  | $ | 3,221 |  |  | $ | 8,726 |  | $ | 6,451 |
Lease term and discount rate as of June 30, 2025 and December 31, 2024 are as follows:
| June 30, 2025 |  | December 31, 2024 |
Weighted-average remaining lease term (in years) |  |  |  |
Operating leases |  | 5.5 |  |  | 5.1 |
Weighted-average discount rate |  |  |  |
Operating leases |  | 6.0 | % |  | 6.8 | %
As of June 30, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):
| Operating Leases |
7/1/2025 - 12/31/2025 | $ | 6,583 |
2026 |  | 11,622 |
2027 |  | 11,839 |
2028 |  | 12,305 |
2029 |  | 8,901 |
2030 |  | 6,435 |
Thereafter |  | 7,348 |
Total minimum lease payments |  | 65,033 |
Less: Amount representing interest |  | 9,786 |
Present value of net minimum lease payments |  | 55,247 |
Less: Current portion of lease liabilities |  | 9,381 |
Total long-term lease liabilities | $ | 45,866 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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