All of the Company’s leases are accounted for as operating leases. The Company leases approximately 231,000 square feet of office and laboratory space located at 900 Winter Street in Waltham, Massachusetts (the “900 Winter Street Lease”). The initial term of the lease commenced on January 20, 2020, expires in 2035 and includes an option to extend the term for an additional ten-year period.

On November 13, 2023, in connection with the Separation, Alkermes, Inc., a wholly-owned subsidiary of the Company (“Alkermes US”) and Mural Oncology, Inc., a wholly-owned subsidiary of Mural (“Mural US”) entered into an assignment and assumption of lease agreement (the “Assignment”), pursuant to which Alkermes US assigned to Mural US an operating lease for approximately 180,000 square feet of corporate office space, administrative areas and laboratories located at 852 Winter Street in Waltham, Massachusetts (the “852 Winter Street Lease”). Under the terms of the Assignment, Mural US assumed all of Alkermes US’ obligations under the 852 Winter Street Lease. In accordance with FASB ASC 842, Leases, as the Company can no longer access or direct the use of the asset following the Assignment, the 852 Winter Street Lease no longer meets the definition of a lease for the Company. On November 15, 2023, the effective date of the Assignment, the Company reduced its right-of-use asset and lease liability by $14.5 million and $15.4 million, respectively in the accompanying consolidated balance sheet.

At December 31, 2024 and 2023, the operating leases held by the Company had a weighted average incremental borrowing rate of 4.0% and 4.4%, respectively, and a weighted average remaining lease term of 7.2 years and 8.7 years, respectively. During the years ended December 31, 2024, 2023 and 2022, cash paid for amounts included for the measurement of lease liabilities was $10.1 million, $10.3 million and $27.0 million, respectively. The Company recorded operating lease expense of $7.2 million, $10.2 million and $10.7 million for the years ended December 31, 2024, 2023 and 2022, respectively.

Future lease payments under non-cancelable leases as of December 31, 2024 consisted of the following:


	December 31,
(In thousands)	2024
2025		10,189
2026		10,259
2027		9,505
2028		9,574
Thereafter		59,695
Total operating lease payments	$	99,222
Less: imputed interest		(23,684	)
Total operating lease liabilities	$	75,538