XML 41 R19.htm IDEA: XBRL DOCUMENT
v3.25.0.1

LEASES | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
LEASES | 10. LEASES The Company leased office space beginning in March 2021 at One Main Street, Cambridge, Massachusetts to serve as its corporate headquarters (the “Cambridge office”). The 4.5 year lease includes a base rent of $2 million per year. In December 2024, the Company closed the Cambridge office and relocated its corporate headquarters to office space already leased in Waltham, Massachusetts (the “Waltham office”), effective January 1, 2025. The Company recorded a restructuring expense of $3.7 million as a result of closing the Cambridge office. The Waltham office is 131 thousand square feet of leased office space located at 225 Wyman Street, Waltham, Massachusetts. The lease term of 11 years began on August 1, 2021, with no rent due until August 1, 2022. The annual rent equals the base rent of approximately $6 million, with 3% annual increases, plus a portion of building operating costs and real estate taxes. In addition, the Company received an improvement allowance from the landlord of $11.8 million. Expense
(in thousands) | 2024 |  | 2023 |  | 2022
Fixed lease costs | $ | 21,422 |  |  | $ | 19,718 |  |  | $ | 20,186 |
Short-term lease costs | 1,746 |  |  | 2,884 |  |  | 3,356 |
Variable lease costs | 6,901 |  |  | 8,148 |  |  | 3,894 |
| $ | 30,069 |  |  | $ | 30,750 |  |  | $ | 27,436 |
Right of use assets and lease liabilities
(in thousands) | December 31, 2024 |  | December 31, 2023
Right of use assets (1) | $ | 62,429 |  |  | $ | 64,198 |
Operating lease liabilities (2) | $ | 14,551 |  |  | $ | 15,000 |
Long-term operating lease liabilities | $ | 67,647 |  |  | $ | 66,901 |
(1) Represents the Company’s right to use the leased asset during the lease term. Included in other long-term assets. (2) Included in other current liabilities. The weighted-average remaining lease term and discount rate for the Company’s leases were:
| December 31, 2024 |  | December 31, 2023
Weighted-average remaining lease term | 6.2 years |  | 6.8 years
Weighted-average discount rate (1) | 4.8 | % |  | 4.0 | %
(1) The rates implicit in the Company’s leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the lease term in a similar economic environment. Maturities of lease liabilities:
(in thousands) | December 31, 2024
2025 | $ | 18,106 |
2026 | 15,404 |
2027 | 13,972 |
2028 | 13,367 |
2029 | 10,742 |
Thereafter | 23,535 |
Total lease payments | 95,126 |
Less: imputed interest (1) | (12,928) |
| $ | 82,198 |
(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated due to a lease reassessment event. Cash flow information
(in thousands) | 2024 |  | 2023
Cash paid for operating leases, net of tenant improvement allowances | $ | 18,444 |  |  | $ | 20,045 |
Right of use assets recognized for new leases and amendments (non-cash) | $ | 16,682 |  |  | $ | 1,460 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- 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
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration