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Leases

6 Months Ended

Jun. 30, 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 June 30, 2025, the balance of the finance lease liabilities-current and finance lease liabilities-noncurrent are $5.4 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 $0.6 million related to interest on the lease liability during the three and six months ended June 30, 2025, respectively. The Company recorded finance lease costs of $0.3 million and $0.7 million related to interest on the lease liability during the three and six months ended June 30, 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 0.3 years to 13.9 years and certain of the leases include renewal options to extend the lease for up to 15 years. For the three months ended June 30, 2025 and 2024, rent expense was $5.2 million and $6.8 million, respectively. For the six months ended June 30, 2025 and 2024, rent expense was $10.3 million and $13.6 million, respectively.

The components of operating lease expense were as follows:


	Three Months Ended		Three Months Ended		Six Months Ended		Six Months Ended
		June 30, 2025		June 30, 2024		June 30, 2025		June 30, 2024
Operating Lease Cost
Fixed lease cost	$	3,442	$	5,549	$	6,814	$	11,124
Variable lease cost		1,564		973		2,905		2,042
Short-term lease cost		228		228		556		442
Total operating lease cost	$	5,234	$	6,750	$	10,275	$	13,608

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 June 30, 2025 and December 31, 2024:


	June 30, 2025		December 31, 2024
Weighted-average remaining lease terms - operating leases (years)	11.37		11.62
Weighted-average discount rate - operating leases	7.59	%	7.64	%
Weighted-average remaining lease terms - finance lease (years)	7.51		8.01
Weighted-average discount rate - finance lease	7.80	%	7.80	%

Supplemental cash flow information related to leases was as follows as of June 30, 2025 and 2024:


	Six Months Ended June 30,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	7,539	$	8,617
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

Changes due to lease modification and termination:
Net decrease in right-of-use assets	$	—	$	31,763
Net decrease in operating lease liabilities		—		33,908

Future minimum lease payments under non-cancelable leases as of June 30, 2025 were as follows:


	Operating Leases		Finance Lease
2025 (excludes the six months ended June 30, 2025)	$	8,692	$	3,000
2026		16,785		3,000
2027		14,193		3,000
2028		7,854		3,000
2029 and thereafter		74,241		12,000
Total lease payments		121,765		24,000
Less: Imputed Interest expense		38,803		4,809
Total	$	82,962	$	19,191