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Commitments and contingencies | 3 Months Ended
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Mar. 31, 2026
Commitments and Contingencies Disclosure [Abstract] |
Commitments and contingencies | Commitments and contingencies Lease commitments The maturities of operating lease liabilities as of March 31, 2026 were as follows (in thousands):
Remainder of 2026 | $ | 4,407 |
2027 | 5,710 |
2028 | 5,396 |
2029 | 5,128 |
2030 and thereafter | 48,629 |
Total lease payments | 69,270 |
Less imputed interest | (27,247) |
Present value of operating lease liabilities | $ | 42,023 |
Future lease commitments - leases not yet commenced | $ | 2,973 |
Future lease commitments - leases not yet commenced The Company has entered into a non-cancellable lease agreement for premises that will commence in 2028 and end in 2031, with total future minimum lease payments of $3.0 million. This amount is not included in the present value of operating lease liabilities above as the lease had not commenced as of March 31, 2026. Manufacturing commitments The Company enters into a number of manufacturing commitments for the future purchase of materials and contract manufacturing services. While the majority of such contracts can be cancelled on reasonable notice, due to the significant ongoing expenditure associated with the Company’s programs, the Company estimates it has noncancellable commitments in relation to the development and supply of product candidates totaling $20.5 million, the majority of which are estimated to be paid within twelve months from the balance sheet date. Gates collaboration Under the terms of the Company’s agreement with the Gates Foundation, the Company is required to develop, manufacture and commercialize soluble TCR bispecific therapeutic candidates targeted to mutually agreed neglected diseases, currently HIV, with the potential to treat people at an affordable price in developing countries. In the event of certain defaults by the Company under the agreement, which the Company considers to be within its control, the Gates Foundation has the right to sell, or require the Company to buy back, any of the shareholdings in the Company held by the Gates Foundation. In such an event, if within 12 months after such redemption or sale, the Company experiences a change in control at a valuation of more than 150% of the valuation used for the redemption or the sale of the shares, the Company has agreed to pay the Gates Foundation compensation equal to the excess of what it would have received in such transaction if it still held its shares at the time of such change of control over what it received in the sale or redemption of its shares. Legal proceedings The Company is not currently a party to any material legal proceedings.

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