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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases | 13. Leases We have operating leases for our corporate headquarters, office spaces and laboratory facilities. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Our finance lease, which is presented as part of “Property and equipment, net” on our condensed consolidated balance sheets, is not material. Certain leases include renewal options at our election and we include the renewal options when we are reasonably certain that the renewal option will be exercised. The lease liabilities were measured using a weighted-average discount rate based on the most recent borrowing rate as of the calculation of the respective lease liability, adjusted for the remaining lease term and aggregate amount of the lease. The components of lease cost are as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
|  | (in thousands) |  |  | (in thousands) |
Straight-line operating lease costs |  | $ | 1,236 |  |  | $ | 1,024 |  |  | $ | 2,230 |  |  | $ | 2,093 |
Finance lease costs |  |  | 92 |  |  |  | 100 |  |  |  | 187 |  |  |  | 201 |
Variable lease costs |  |  | 1,074 |  |  |  | 1,477 |  |  |  | 2,480 |  |  |  | 3,490 |
Total lease cost |  | $ | 2,402 |  |  | $ | 2,601 |  |  | $ | 4,897 |  |  | $ | 5,784 |
Supplemental cash flow information related to leases are as follows:
|  | Six Months Ended June 30, |
|  | 2025 |  |  | 2024 |
|  | (in thousands) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 3,117 |  |  | $ | 2,981 |
Operating cash flows for finance lease |  |  | 229 |  |  |  | 222 |
Operating lease right-of-use assets obtained in exchange for operating lease obligations |  |  | 2,259 |  |  |  | 1,292 |
Supplemental information related to the remaining lease term and discount rate are as follows:
|  | June 30, |
|  | 2025 |  |  | 2024 |
Weighted-average remaining lease term (in years) |  |  |  |  |  |
Operating leases |  |  | 3.3 |  |  |  | 4.0 |
Finance lease |  |  | 0.6 |  |  |  | 1.6 |
Weighted-average discount rate |  |  |  |  |  |
Operating leases |  |  | 6.4 | % |  |  | 6.2 | %
Finance lease |  |  | 6.6 | % |  |  | 6.6 | %
As of June 30, 2025, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
|  | Amount |
|  | (in thousands) |
Remainder of 2025 |  | $ | 2,781 |
Year ending December 31: |  |  |
2026 |  |  | 3,939 |
2027 |  |  | 461 |
2028 |  |  | 464 |
2029 |  |  | 498 |
2030 |  |  | 498 |
Thereafter |  |  | 956 |
Total future minimum lease payments |  |  | 9,597 |
Imputed interest |  |  | (790 | )
Total |  | $ | 8,807 |
Reported as of June 30, 2025 |  |  |
Operating lease liabilities, current portion |  | $ | 4,782 |
Operating lease liabilities, net of current portion |  |  | 4,025 |
Total operating lease liabilities |  | $ | 8,807 |
No impairment loss was recognized during the three and six months ended June 30, 2025. The impairment loss recognized was not material for the three and six months ended June 30, 2024.

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