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Leases

3 Months Ended

Mar. 31, 2026

9. Leases

The Company has entered into non-cancelable lease agreements for its offices with lease periods expiring at various dates through 2036.

Components of operating lease expense were as follows:


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Operating lease cost	$	2,223	$	2,234
Short-term lease cost		236		248
Variable lease cost		406		299
Total operating lease cost	$	2,865	$	2,781

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


	Three Months Ended March 31,
	2026		2025
	(in thousands)
Cash paid for operating leases	$	2,257	$	2,323
Operating lease right-of-use assets obtained in exchange for operating lease liabilities	$	6,163	$	516

As of March 31, 2026, the weighted-average discount rate is 4.8% and the weighted-average remaining term is 3.8 years. Maturities of the Company’s operating lease liabilities as of March 31, 2026 were as follows:


	March 31, 2026
	(in thousands)
Year Ending December 31,
2026 (Remainder)	$	4,503
2027		4,171
2028		3,832
2029		2,856
2030		2,942
Thereafter		1,003
Total operating lease payments		19,307
Less: imputed interest		(2,860	)
Total operating lease liabilities	$	16,447

As of March 31, 2026, the Company had an additional commitment of $114.9 million for an operating lease related to a facility that had not yet commenced. The lease is expected to commence in the third quarter of 2026 with a lease term of 10 years.