Leases

6 Months Ended

Jun. 30, 2026

The Company has operating leases for certain facilities, vehicles, and machinery and equipment with remaining lease terms up to 15 years. Operating lease expense is recognized on a straight-line basis over the lease term. In addition, the Company has certain land use leases with remaining lease terms up to 89 years.

The Company had no material variable lease costs, sublease income, or finance leases for the three and six months ended June 30, 2026 and 2025. The components of the Company’s lease expense are as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease expense	$	4,423	$	4,302	$	8,514	$	8,010
Short-term lease expense	226		140		448		284

Supplemental cash flow information related to the Company’s leases is as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	4,245	$	4,261	$	8,292	$	7,845

Non-cash lease liabilities activity:
Leased assets obtained in exchange for new operating lease liabilities	19,898		6,605		23,976		10,482

Supplemental balance sheet information related to the Company’s leases is as follows:


	June 30, 2026			December 31, 2025
Right-of-use lease assets	$	53,650		$	38,737

Other accrued liabilities	12,734			12,536
Long-term lease liabilities	37,628			22,759
Total operating lease liabilities	$	50,362		$	35,295

Weighted average remaining lease term (years)	8.8			5.7
Weighted average discount rate	6.67		%	6.58		%

Maturities of operating lease liabilities as of June 30, 2026 were as follows:



For the remainder of 2026	$	8,503
For the year ended December 31, 2027	13,254
For the year ended December 31, 2028	8,982
For the year ended December 31, 2029	5,622
For the year ended December 31, 2030	3,494
For the year ended December 31, 2031 and beyond	29,889
Total lease payments	69,744
Less: imputed interest	(19,382)
Present value of lease liabilities (1)	$	50,362

(1) During the year ended December 31, 2024, the Company entered into a new lease agreement for office and laboratory space in Radnor, Pennsylvania for the purpose of relocating its global headquarters. The lease for one portion of the laboratory space commenced during the second quarter of 2026 with a present value of operating lease liabilities of $19.0 million as of June 30, 2026. The lease for the remaining portions of laboratory and office space is expected to commence upon the completion of the lessor-owned leasehold improvements, which is expected to be in the fourth quarter of 2026 or the first quarter of 2027. The cumulative future lease commitment for the remaining laboratory and office space that has not yet commenced is $48.8 million. The future lease commitments relating to the leases that have not yet commenced were not included in the operating lease liabilities balance as of June 30, 2026.