Leases

3 Months Ended

Mar. 31, 2025

The Company has entered into various operating lease agreements for office space, data center, lab and warehouse use, with remaining terms ranging from 0.7 to 8.3 years, some of which include one or more options to renew. As leases approach maturity, the Company considers various factors such as market conditions and the terms of any renewal options that may exist to determine whether it will renew the lease, as such, the Company does not include renewal options in its lease terms for calculating its lease liability, as the renewal options allow it to maintain operational flexibility and the Company is not reasonably certain it will exercise these renewal options at the time of the lease commencement.

In April 2025, the Company entered into a lease amendment for its office and lab space of approximately 163,000 square feet in Redwood City, California, and extended the lease terms by additional 3.1 to 6.0 years to December 31, 2030, and December 31, 2031.

Operating lease expense was $7.9 million and $7.6 million for the three months ended March 31, 2025, and 2024, respectively, which includes both lease and non-lease components (primarily common area maintenance charges and property taxes).


	March 31, 2025		December 31, 2024
	(unaudited)
Weighted-average remaining lease term (in years)	7.2		7.5
Weighted-average discount rate	3.80	%	3.82	%

The following table summarizes the Company's future principal contractual obligations for operating lease commitments as of March 31, 2025:


Year Ending December 31,
	(unaudited)
	(in thousands)
Remainder of 2025	$	27,782
2026	31,601
2027	27,544
2028	24,530
2029	22,946
2030 and thereafter	80,834
Total operating lease payments	215,237
Less: imputed interest	(25,193)

Total operating lease liabilities	$	190,044

Finance leases are not material to the Company's condensed consolidated financial statements.