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Leases | 9 Months Ended
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Sep. 30, 2025
Leases |
Leases | 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. On August 1, 2025, the Company commenced a lease for office and laboratory space at a facility located in Mountainview, CA. The initial term of the lease is twelve years and nine months with an aggregate base rent of approximately $42.6 million. The Company recorded an operating lease ROU asset of $26.8 million and an operating lease ROU liability of $26.7 million as of the commencement date of the lease. 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 September 30, 2025, the balance of the finance lease liabilities-current and finance lease liabilities-noncurrent are $2.7 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 $0.9 million related to interest on the lease liability during the three and nine months ended September 30, 2025, respectively. The Company recorded finance lease costs of $0.4 million and $1.0 million related to interest on the lease liability during three and nine months ended September 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 0.6 years to 13.7 years and certain of the leases include renewal options to extend the lease for up to 15 years. For the three months ended September 30, 2025 and 2024, rent expense was $5.5 million and $5.9 million, respectively. For the nine months ended September 30, 2025 and 2024, rent expense was $15.7 million and $19.5 million, respectively. The components of operating lease expense were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three Months Ended |  | Three Months Ended |  | Nine Months Ended |  | Nine Months Ended | ​
​ | ​ | September 30, 2025 | ​ | September 30, 2024 | ​ | September 30, 2025 | ​ | September 30, 2024 | ​
Operating Lease Cost |  | ​ |  | ​ | ​ |  | ​ | ​ |  | ​ | ​ |  | ​
Fixed lease cost | ​ | $ | 4,032 | ​ | $ | 4,049 | ​ | $ | 10,847 | ​ | $ | 15,173 | ​
Variable lease cost | ​ |  | 1,083 | ​ |  | 1,581 | ​ |  | 3,988 | ​ |  | 3,623 | ​
Short-term lease cost | ​ |  | 359 | ​ |  | 308 | ​ |  | 914 | ​ |  | 750 | ​
Total operating lease cost | ​ | $ | 5,474 | ​ | $ | 5,938 | ​ | $ | 15,749 | ​ | $ | 19,546 | ​
​ 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 September 30, 2025 and December 31, 2024: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, 2025 |  | December 31, 2024 |
Weighted-average remaining lease terms - operating leases (years) |  | 11.63 | ​ | 11.62 | ​
Weighted-average discount rate - operating leases | ​ | 7.44 | % | 7.64 | %
Weighted-average remaining lease terms - finance lease (years) |  | 7.26 | ​ | 8.01 | ​
Weighted-average discount rate - finance lease |  | 7.80 | % | 7.80 | %
​ Supplemental cash flow information related to leases was as follows as of September 30, 2025 and 2024: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended September 30, | ​
​ |  | 2025 |  | 2024 | ​
Cash paid for amounts included in the measurement of lease liabilities: |  | ​ |  | ​ | ​ |  | ​
Operating cash flows from operating leases | ​ | $ | 12,248 | ​ | $ | 12,963 | ​
Financing cash flows from finance lease | ​ | ​ | 1,611 | ​ | ​ | 1,490 | ​
Operating cash flows from finance lease | ​ | ​ | 1,389 | ​ | ​ | 1,510 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Right-of-use assets obtained in exchange for lease obligations: | ​ |  | ​ | ​ |  |  | ​
Operating leases | ​ | $ | 27,675 | ​ | $ | 5,786 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
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 September 30, 2025 were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating Leases |  | Finance Lease | ​
2025 (excludes the nine months ended September 30, 2025) | ​ | $ | 4,245 | ​ | $ | — | ​
2026 | ​ |  | 18,315 | ​ |  | 3,000 | ​
2027 | ​ |  | 16,493 | ​ |  | 3,000 | ​
2028 | ​ |  | 11,102 | ​ |  | 3,000 | ​
2029 and thereafter | ​ |  | 109,668 | ​ |  | 12,000 | ​
Total lease payments | ​ |  | 159,823 | ​ |  | 21,000 | ​
Less: Imputed Interest expense | ​ |  | 52,525 | ​ |  | 4,491 | ​
Total | ​ | $ | 107,298 | ​ | $ | 16,509 | ​
​

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