Leases

9 Months Ended

Sep. 30, 2025

9. Leases

The Company has entered into non-cancelable lease agreements for its offices with lease periods expiring at various dates through September 2030.

Components of operating lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
	(in thousands)
Operating lease cost	$	2,304	$	2,248	$	6,816	$	6,798
Short-term lease cost		224		397		715		786
Variable lease cost		333		102		935		320
Total operating lease cost	$	2,861	$	2,747	$	8,466	$	7,904

Supplementary cash flow information related to operating leases was as follows:


	Nine Months Ended September 30,
	2025		2024
	(in thousands)
Cash paid for operating leases	$	6,932	$	6,636
ROU assets obtained in exchange for operating lease liabilities	$	3,378	$	164

As of September 30, 2025, the weighted-average discount rate is 5.2% and the weighted-average remaining term is 2.3 years. Maturities of the Company’s operating lease liabilities as of September 30, 2025 were as follows:


	September 30, 2025
	(in thousands)
Year Ending December 31,
2025 (Remainder)	$	2,255
2026		5,697
2027		1,905
2028		861
2029		733
Thereafter		531
Total operating lease payments		11,982
Less: imputed interest		(834	)
Total operating lease liabilities	$	11,148

As of September 30, 2025, the Company had an additional commitment of $110.0 million for an operating lease related to a facility that had not yet commenced. The lease will commence in 2026 with a lease term of 10 years.

In addition, in October 2025, the Company entered into a lease agreement to extend its occupancy of an existing facility for 5.4 years, with a total commitment of $8.1 million.