Leases

6 Months Ended

Jun. 30, 2025

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.