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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | 10. Leases The Company leases facilities and certain equipment under noncancelable operating leases with remaining lease terms of 0.3 years to 5.7 years, some of which include options to extend for up to two five-year terms. These optional periods were not considered in the determination of the right-of-use asset or the lease liability as the Company did not consider it reasonably certain that it would exercise such options. The operating lease costs were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 3,531 |  |  | $ | 2,656 |  |  | $ | 11,439 |  |  | $ | 8,293 |
Operating sublease income |  |  | (594 | ) |  |  | (577 | ) |  |  | (1,777 | ) |  |  | (1,247 | )
Net operating lease cost |  | $ | 2,937 |  |  | $ | 2,079 |  |  | $ | 9,662 |  |  | $ | 7,046 |
Supplemental cash flow information related to the Company’s leases were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |  |  |  |  |  |
Operating cash flows from operating leases |  | $ | 3,053 |  |  | $ | 2,670 |  |  | $ | 8,921 |  |  | $ | 7,753 |
Right-of-use assets obtained in exchange for operating lease obligations: |  |  | 894 |  |  |  | (6,662 | ) |  |  | 9,573 |  |  |  | (2,478 | )
The balance sheet classification of the Company’s lease liabilities was as follows (in thousands):
|  | September 30, 2025 |  |  | December 31, 2024 |
Operating lease liabilities |  |  |  |  |  |
Current portion included in accrued liabilities |  | $ | 11,783 |  |  | $ | 9,958 |
Operating lease liabilities |  |  | 43,026 |  |  |  | 42,037 |
Total operating lease liabilities |  | $ | 54,809 |  |  | $ | 51,995 |
Maturities of lease liabilities were as follows (in thousands):
|  | Operating Leases |
Remainder of 2025 |  | $ | 3,193 |
Years ending December 31, |  |  |
2026 |  |  | 11,912 |
2027 |  |  | 11,888 |
2028 |  |  | 11,413 |
2029 |  |  | 10,940 |
Thereafter |  |  | 12,588 |
Total lease payments |  |  | 61,934 |
Less: |  |  |
Imputed interest |  |  | (7,125 | )
Total operating lease liabilities |  | $ | 54,809 |
Operating lease liabilities are based on the net present value of the remaining lease payments over the remaining lease term. In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date. As of September 30, 2025, the weighted average remaining lease term was 5.4 years and the weighted average discount rate used to determine the operating lease liability was 4.9%. In the fourth quarter of 2018, the Company entered into an agreement to lease the 4th and 5th floors of corporate office space in San Diego, California with total minimum lease payments of $50.4 million over an initial term of 10 years and 9 months. In February 2020, the Company entered into the first amendment to the lease agreement to lease the 2nd floor of corporate office space in San Diego, California with total minimum lease payments of $25.3 million over an initial term of approximately 10 years and 7 months. In March 2020, the Company entered into the second amendment to the lease agreement which increased the total minimum lease payments of the original corporate office space to $51.4 million. In the third quarter of 2020, the lease for the 4th and 5th floors of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $40.3 million. In the first quarter of 2021, the lease for the 2nd floor of corporate office space commenced and the Company capitalized a right of use asset and related lease liability of $19.2 million. In connection with this lease and the amendment, the Company established a letter of credit for $3.1 million, which has automatic annual extensions and is fully secured by restricted cash. In May 2023, the Company entered into an agreement to sublease its 2nd floor of corporate office space in San Diego to a sublessee with a total minimum sublease income of $18.4 million over a term of approximately 7 years and 6 months. The Company delivered full possession of its 2nd floor of corporate office space to the sublessee in August 2023 and began receiving sublease payments in December 2023. In May 2025, the Company entered into an agreement to lease the 2nd and a portion of the 3rd floors of corporate office space in Princeton, New Jersey (the New Princeton Lease) with total minimum lease payments of $24.5 million over an initial term of 12 years and 2 months. As of September 30, 2025, the New Princeton Lease had not yet commenced. This operating lease is expected to commence around the first quarter of 2026, but may commence earlier if the lessor makes the space available for use earlier than anticipated. In connection with this New Princeton Lease agreement, the Company established a letter of credit for $0.6 million, which has automatic annual extensions and is fully secured by restricted cash. The current Princeton office lease will terminate five days after the commencement of the New Princeton Lease.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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