XML 22 R10.htm IDEA: XBRL DOCUMENT

Leases

9 Months Ended

Sep. 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.

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