We have operating lease agreements for laboratory, office and warehouse facilities in Seattle, Washington, South San Francisco, California and Bothell, Washington. As of March 31, 2025, we were not party to any finance leases.

The following table reconciles our undiscounted operating lease cash flows to our operating lease liabilities, less current portion balance on the unaudited condensed consolidated balance sheet as of March 31, 2025 (in thousands):


2025 (excluding the three months ended March 31, 2025)	$	10,602
2026		12,330
2027		11,944
2028		12,282
2029		12,630
Thereafter		44,332
Total undiscounted lease payments		104,120
Less: Imputed interest		(17,220	)
Total operating lease liabilities		86,900
Less: Current portion		(10,462	)
Operating lease liabilities, less current portion	$	76,438

During the three months ended March 31, 2025 and 2024, cash paid for amounts included in the measurement of lease liabilities was $3.0 million and $3.7 million, respectively.

We have $2.1 million in letters of credit with one of our financial institutions in connection with certain of our leases.

7. Leases