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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Operating Leases The Company leases office and laboratory facilities in South San Francisco and San Diego, California; Austin, Texas; Marseille, France; Richmond, Virginia; and Watertown, Massachusetts, and leases certain equipment under various non-cancelable lease agreements. The lease terms extend to January 2029 and contain extension of lease terms and expansion options. The leases have a weighted average remaining lease term of 2.9 years as of March 31, 2024. The Company had deposits of $1.1 million and $0.9 million included in long-term assets as of March 31, 2024 and December 31, 2023, respectively, restricted from withdrawal and held by banks in the form of collateral for irrevocable standby letters of credit held as security for the leases. The Company determined its operating lease liabilities using payments through their current expiration dates and a weighted average discount rate of 8.0% based on the rate that the Company would have to pay to borrow, on a collateralized basis, an amount equal to the lease payments in a similar economic environment. Operating lease liabilities along with the associated right-of-use assets are disclosed in the accompanying condensed consolidated balance sheets. After the adoption of ASC 842, Leases, or ASC 842, the Company classified its deferred rent for tenant improvements with its operating lease right-of-use assets on the consolidated balance sheets. Future minimum lease payments under non-cancelable operating leases as of March 31, 2024 are as follows (in thousands of dollars):
Year Ending December 31, | Amounts
Remainder of 2024 | $ | 4,993 |
2025 | 6,520 |
2026 | 1,964 |
2027 | 781 |
2028 | 746 |
Thereafter | 535 |
Total future minimum lease payments | 15,539 |
Less: amount representing interest | 1,499 |
Present value of future lease payments | 14,040 |
Less: short-term lease liabilities | 5,982 |
Long-term lease liabilities | $ | 8,058 |
The Company recognizes operating lease expense on a straight-line basis over the non-cancelable lease period. The following table summarizes operating lease expense and cash paid for amounts included in the measurement of lease liabilities (in thousands of dollars):
|  |  | Three Months Ended March 31,
|  |  |  |  | 2024 |  | 2023
Operating lease expense |  |  |  |  | $ | 1,543 |  |  | $ | 1,123 |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  | $ | 1,629 |  |  | $ | 1,177 |
The company has leased laboratory equipment under various financing leases. The total right-of-use assets and total financing lease liabilities for these financing leases were $0.1 million and $0.1 million, respectively, as of both March 31, 2024 and December 31, 2023, and are included in property, plant and equipment, net and other liabilities in the accompanying condensed consolidated balance sheets. The Company’s wholly owned foreign subsidiary has entered into an arrangement under which it expects to sign a lease agreement for facilities which are being constructed in Marseille, France. The lease will commence upon completion of the construction of the office building at which time the Company will record a lease liability and a corresponding ROU asset. The initial term of the lease will be twelve years with annual rent of approximately $1.3 million, which is subject to change based on final construction and excludes common area maintenance costs. Contingencies From time to time, the Company may be involved in legal proceedings arising in the ordinary course of business. The Company believes there is no litigation pending that could have, either individually or in the aggregate, a material impact on the Company's consolidated financial statements.

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