In June 2023, the Company entered into a lease agreement for approximately 44,000 square feet of laboratory and office facilities at 5000 Shoreline Court, South San Francisco, California. The lease term is 120 months, and the Company has an option to extend the lease term for a total of two consecutive five-year periods. This lease agreement commenced in August 2024.

In May 2024, the Company amended its 5000 Shoreline Court facility lease agreement to expand the size of the original premises by adding approximately 11,321 rentable square feet of additional space. The lease term for the expanded premises will not begin until the landlord makes certain improvements and offers to deliver possession of the expansion premises to the Company. The lease term for the expanded premises has not yet commenced as of December 31, 2024.

The Company's lease at 7000 Shoreline Court, South San Francisco, California, expired in September 2024.

In November 2023, the Company entered into a lease agreement for approximately 5,700 square feet of space at 11710 El Camino Real, San Diego, California for corporate office space. The lease term commenced in December 2023 and expires in March 2028. The Company has an option to renew the lease for three years.

Future minimum lease payments under operating leases included on the Company's balance sheet are as follows:


	As of
(in thousands)	December 31, 2024
2025	$	386
2026		1,705
2027		4,389
2028		4,224
2029		4,263
Thereafter		22,790
Total future minimum lease payments		37,757
Less: imputed interest		(18,586	)
Total operating lease liabilities	$	19,171

The following table summarizes other information about the Company's operating leases:

Operating lease costs were $1.9 million, $1.7 million and $1.7 million for the years ended December 31, 2024, 2023 and 2022, respectively. Variable lease costs were $1.1 million, $1.4 million, and $1.0 million for the years ended December 31, 2024, 2023, and 2022, respectively. Variable lease costs represent additional costs incurred, related to administration, maintenance and property tax costs incurred, which are billed based on both usage and as a percentage of the Company's share of total square footage.

During the years ended December 31, 2024, 2023 and 2022, cash paid for amounts included in the measurement of lease liabilities and included within cash used in operating activities in the statement of cash flows was $1.7 million, $2.0 million and $2.0 million, respectively.

As of December 31,

Weighted-average remaining lease term

Weighted-average discount rate