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Leases

9 Months Ended

Sep. 30, 2024

(17) Leases

On September 24, 2024, the Company entered into a lease amendment for its corporate headquarters located in Berkeley, California which, among other things, extends the lease term by three years to October 31, 2028, sets new annual rental rates effective as of November 1, 2025 and provides an option to extend the term of the lease for an additional five years.

The Company remeasured the lease liability over the remaining lease term of 4.1 years using an incremental borrowing rate of 6.32%. The effect of the lease amendment increased the Company’s operating lease liabilities and operating lease right-of-use assets by $2.3 million.

As of September 30, 2024, the weighted-average remaining term and weighted-average remaining discount rate for the Company’s operating leases is 4.69 years and 7.64%, respectively.

Maturities of operating lease liabilities are as follows (in thousands):


Years Ending December 31,
2024		551
2025		2,235
2026		2,313
2027		2,380
2028		2,293
Thereafter		1,175
Total operating lease payments		10,947
Less: Imputed interest		(1,765)
Present value of operating lease liabilities		9,182
Operating lease liabilities, current		2,142
Operating lease liabilities, noncurrent		7,040
		9,182