Leases

12 Months Ended

Dec. 31, 2025

The Company primarily leases office and laboratory facilities in Vancouver and Montreal, Canada, and Sydney, Australia.

The Company's operating leases have a fixed term with a remaining life between one year and twenty years, with renewal options included in the contracts ranging from five to ten years. The leases have varying contract terms, escalation clauses and renewal options. Generally, there are no significant restrictions placed upon the lessee by entering into these leases, other than restrictions on use of property, sub-letting and alterations.

The balance sheet classification of the Company's lease liabilities was as follows:


	December 31, 2024		December 31, 2025
Operating lease liabilities:
Current portion, included in accounts payable and other liabilities	$	4,621	$	5,815
Long-term portion	60,743		137,403
Total operating lease liabilities	$	65,364	$	143,218

At December 31, 2025, the future minimum lease payments of the Company’s operating lease liabilities were as follows:


	Amount
2026	$	14,243
2027	14,165
2028	14,745
2029	14,868
2030	14,857
Thereafter	160,412

As of December 31, 2025, the weighted-average remaining lease term is 15.4 years and the weighted-average discount rate used to determine the operating lease liabilities was approximately 6.0%.

The Company incurred total operating lease expenses, including fixed lease payments, of $9.5 million, $9.1 million and $11.3 million, and variable lease payments of $1.1 million, $0.7 million and $0.5 million during the years ended December 31, 2023, 2024 and 2025, respectively, and are included within operating expenses.