Leases

3 Months Ended

Mar. 31, 2026

As of March 31, 2026, we had a non-cancelable operating lease for our corporate headquarters and manufacturing facilities located in Fremont, California. Our Fremont, California lease, which expires in June 2027, provides us with an option to extend the term for one additional 5-year period and we determined with reasonable certainty that we will exercise such option. During the three months ended March 31, 2026, on January 30, 2026, we entered into an agreement with the lessor to terminate the operating lease for our Brighton, Colorado facility, in exchange for a one-time payment of $20.0 million. To account for the effect of the lease termination on our results of operations as of March 31, 2026, we derecognized the related lease liability of $33.2 million and the remaining right‑of‑use asset of $13.4 million, and recorded a net loss on lease termination of approximately $0.2 million. Our operating lease does not contain any material residual value guarantees. We had no leases that were classified as finance leases as of March 31, 2026 and December 31, 2025.

The components of lease expense during the three months ended March 31, 2026 and 2025 are shown in the table below (in thousands):


	Three months ended March 31,
	2026		2025
Operating lease expense	$	619	$	1,286
Variable lease expense	560		786
Short-term lease expense	30		23
Total lease expense	$	1,209	$	2,095

Other information about our operating leases during the three months ended March 31, 2026 and 2025 are shown in the table below (amounts in thousands):


	Three months ended March 31,
	2026			2025
Cash paid for amounts included in the measurement of operating lease liabilities including termination of a lease	$	20,594		$	848
Weighted-average remaining lease term	6.2 years			13.2 years
Weighted-average discount rate	7.9		%	9.5		%

Future operating lease payments, net of tenant improvement allowance, as of March 31, 2026 are as follows (in thousands):


Year ending December 31:	Amount
Remainder of 2026	$	915
2027	1,268
2028	1,306
2029	1,340
2030	1,367
2031	1,378
Thereafter	698
Total lease payments, net of tenant improvement allowance	8,272
Less - present value adjustments	(1,710)
Total operating lease liabilities	$	6,562