Leases

12 Months Ended

Dec. 31, 2024

5. LEASES

The Company has entered into non-cancellable operating leases, including a sublease entered into in August 2024 for an office facility serving as its corporate headquarters in Brisbane, California. This sublease expires in 2029. The Company also leases a facility in South San Francisco, California, that is subleased to a third party under a non-cancellable agreement, which ends concurrently with the original lease in September 2025.

Components of net lease cost are as follows (in thousands):


	Year Ended December 31,
	2024			2023
Operating lease cost	$	2,728		$	2,577
Variable lease cost		45			14
Total operating lease cost		2,773			2,591
Less: Sublease income		(1,954	)		(1,928	)
Net lease cost	$	819		$	663

Other supplemental information related to operating leases is as follows (in thousands):


	Year Ended December 31,
	2024		2023
Cash paid for operating lease liabilities	$	3,116	$	3,000
Addition to right-of-use assets obtained from operating lease liabilities		2,487		—

	December 31,
	2024		2023
Weighted-average discount rate for operating leases	11.3%		9.1%
Weighted-average remaining lease term	3.0 years		1.5 years

As of December 31, 2024, the maturities of operating lease liabilities are as follows (in thousands):


2025	$	2,293
2026		830
2027		966
2028		995
2029		254
Total minimum lease payments		5,338
Less: Imputed interest		(1,387	)
Total operating lease liabilities		3,951
Less: Current portion of operating lease liabilities		(1,483	)
Non-current operating lease liabilities	$	2,468

As of December 31, 2024, under the terms of the sublease agreement of the South San Francisco facility to a third party, the Company is entitled to receive sublease payments of $1.5 million in 2025, and the Company remains responsible for future lease payments of $1.9 million under the terms of the lease for this facility. As of December 31, 2024, the Company had not executed any leases that were yet to commence.