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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The Company currently has operating leases for office and research laboratory space, equipment, and vehicles under agreements expiring at various dates through 2034, which include renewal options on leases which the Company is reasonably certain to exercise. For the years ended December 31, 2024 and 2023, operating lease expense was $6.7 million and $9.5 million and variable lease expense was $2.2 million and $2.1 million, respectively. For the years ended December 31, 2024 and 2023, the Company paid $9.6 million and $9.5 million, respectively, for amounts included in the measurement of operating lease liabilities and recorded right-of-use assets of $0.7 million and $0.6 million, respectively. Commitments under finance leases are not significant for the year ended December 31, 2024. Supplemental balance sheet information related to operating leases were as follows:
|  | December 31,
(in thousands, except year and discount rate amounts) |  | 2024 |  | 2023
Operating lease ROU assets, net |  | $ | 22,278 |  |  | $ | 26,312 |
Current portion of the operating lease liabilities |  | $ | 8,455 |  |  | $ | 8,324 |
Non-current portion of the operating lease liabilities |  | 45,078 |  |  | 48,877 |
Total operating lease liability |  | $ | 53,533 |  |  | $ | 57,201 |
Weighted-average remaining lease terms (years) |  | 8.5 |  | 9.4
Weighted-average discount rate |  | 9.7 | % |  | 9.7 | %
At December 31, 2024, the future minimum operating lease payments were as follows:
(in thousands) |  | Operating Lease
2025 |  | $ | 9,466 |
2026 |  | 9,356 |
2027 |  | 9,426 |
2028 |  | 9,139 |
2029 |  | 8,172 |
Thereafter |  | 35,402 |
Total lease payments |  | 80,961 |
Less: lease incentives |  | (22,299) |
Less: imputed interest |  | (5,129) |
Total operating lease liability |  | $ | 53,533 |

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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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