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Leases

3 Months Ended

Mar. 31, 2025

3. Leases

The Company’s principal office space is a facility located in Warren, New Jersey, which is approximately 180,000 square feet. The Company also leases laboratory space in Bridgewater, New Jersey and other locations throughout the United States and office space in various countries for international employees primarily through workspace providers.

The Company also has a finance lease related to its commercial manufacturing agreement with MassBiologics of the University of Massachusetts Medical School (“MassBio”). As of March 31, 2025, the balance of the finance lease liabilities-current and finance lease liabilities-noncurrent are $5.0 million and $13.8 million, respectively, and are directly related to the Company’s MassBio agreement. As of December 31, 2024, the balance of the finance lease liabilities-current and finance lease liabilities-noncurrent were $3.0 million and $15.6 million, respectively. Additionally, the Company recorded finance lease costs of $0.3 million and $0.3 million related to interest on the lease liability during the three months ended March 31, 2025 and 2024, respectively.

The Company also leases certain vehicles, lab equipment, and office equipment under operating leases. The Company’s leases have remaining operating lease terms ranging from 0.5 years to 14.2 years and certain of the leases include renewal options to extend the lease for up to 15 years. For the three months ended March 31, 2025 and 2024, rent expense was $5.0 million and $6.9 million, respectively.

The components of operating lease expense were as follows:


	Three Months Ended		Three Months Ended
		March 31, 2025		March 31, 2024
Operating Lease Cost
Fixed lease cost	$	3,372	$	5,575
Variable lease cost		1,341		1,069
Short-term lease cost		328		214
Total operating lease cost	$	5,041	$	6,858

Total operating lease cost is a component of operating expenses on the consolidated statements of operations.

Supplemental lease term and discount rate information related to leases was as follows as of March 31, 2025 and December 31, 2024:


	March 31, 2025		December 31, 2024
Weighted-average remaining lease terms - operating leases (years)	11.48		11.62
Weighted-average discount rate - operating leases	7.60	%	7.64	%
Weighted-average remaining lease terms - finance lease (years)	7.76		8.01
Weighted-average discount rate - finance lease	7.80	%	7.80	%

Supplemental cash flow information related to leases was as follows as of March 31, 2025 and 2024:


	Three Months Ended March 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	3,389	$	3,948
Financing cash flows from finance lease		—		1,490
Operating cash flows from finance lease		—		1,510

Right-of-use assets obtained in exchange for lease obligations:
Operating leases	$	850	$	1,723

Future minimum lease payments under non-cancelable leases as of March 31, 2025 were as follows:


	Operating Leases		Finance Lease
2025 (excludes the three months ended March 31, 2025)	$	12,776	$	3,000
2026		16,692		3,000
2027		14,134		3,000
2028		7,809		3,000
2029 and thereafter		74,003		12,000
Total lease payments		125,414		24,000
Less: Imputed Interest expense		40,391		5,120
Total	$	85,023	$	18,880