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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 7. Leases Operating leases The Company’s operating leases are as follows: • A February 2018 lease for office and laboratory space as amended, which commenced in March 2018 and terminates in September 2029. The lease is subject to fixed-rate rent escalations and provided for $6.1 million in tenant improvements allowances and a term extension option. • An October 2018 lease for laboratory space as amended, which commenced in April 2019 and terminates in December 2025. The amended lease is subject to fixed-rate rent escalations and provides an option to extend the lease for two additional two-year periods through December 31, 2029. • An April 2019 lease for office and laboratory space that was built over the course of 2020 and 2021. Pursuant to the terms of the original lease agreement, the first phase of the lease commenced in October 2020 (rent payments for the first phase began in August 2021) and the second phase of the lease commenced in January 2021 (rent payments for the second phase began in February 2022). The lease is subject to fixed-rate rent escalations and provides for $23.4 million in tenant improvements and the option to extend the lease for two terms of five years each. The Company determined that it is the accounting owner of all tenant improvements. In August 2021, the Company executed an amendment to this lease to occupy additional space. The term of this lease runs concurrent with the term of the April 2019 lease through February 2034. • An August 2020 lease for a 100,000 square foot manufacturing facility in Research Triangle Park, North Carolina. Construction of the manufacturing facility began in 2020 and the Company began making rent payments in the fourth quarter of 2022. The lease will terminate 15 years from the rent commencement date, December 2022. The lease is subject to fixed-rate rent escalations and provides for $20.0 million in tenant improvements and the option to extend the lease for two terms of five years each, which were not reasonably certain of exercise as of December 31, 2024. The following table summarizes operating lease costs as well as sublease income (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease costs |  | $ | 21,649 |  |  | $ | 22,063 |  |  | $ | 19,536 |
Variable lease costs |  |  | 6,295 |  |  |  | 5,777 |  |  |  | 4,364 |
Short-term lease costs |  |  | 9,000 |  |  |  | 9,000 |  |  |  | 307 |
Sublease income |  |  | — |  |  |  | — |  |  |  | (1,319 | )
Total |  | $ | 36,944 |  |  | $ | 36,840 |  |  | $ | 22,888 |
The following table summarizes the lease term and discount rate for operating leases:
|  | December 31, 2024 |  |  | December 31, 2023 |
Weighted-average remaining lease term (years) |  |  | 9.5 |  |  |  | 10.3 |
Weighted-average discount rate |  |  | 7.3 | % |  |  | 7.6 | %
The following table summarizes the lease costs included in the measurement of lease liabilities (in thousands):
|  | Years Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating cash flows used for operating leases |  | $ | 24,981 |  |  | $ | 22,603 |  |  | $ | 19,052 |
Operating lease liabilities arising from obtaining ROU assets |  |  | (1,626 | ) |  |  | 3,852 |  |  |  | 41,050 |
At December 31, 2024, the future maturity of the Company’s operating leases for each of the next five years and total thereafter were as follows (in thousands):
2025 |  | $ | 24,360 |
2026 |  |  | 22,526 |
2027 |  |  | 23,157 |
2028 |  |  | 23,374 |
2029 |  |  | 22,147 |
Thereafter |  |  | 112,167 |
Undiscounted lease payments |  |  | 227,731 |
Less: imputed interest |  |  | (66,306 | )
Total operating lease liabilities |  | $ | 161,425 |

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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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