Leases

6 Months Ended

Jun. 30, 2026

As of June 30, 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. 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 during the six months ended June 30, 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 June 30, 2026 and December 31, 2025.

The components of lease expense during the three and six months ended June 30, 2026 and 2025 are shown in the table below (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2026		2025		2026		2025
Operating lease expense	$	309	$	1,286	$	928	$	2,571
Variable lease expense	170		689		730		1,475
Short-term lease expense	32		27		62		52
Total lease expense	$	511	$	2,002	$	1,720	$	4,098

Other information about our operating leases during the six months ended June 30, 2026 and 2025 are shown in the table below (amounts in thousands):


	Six months ended June 30,
	2026			2025
Cash paid for amounts included in the measurement of operating lease liabilities including termination of a lease	$	20,898		$	1,707
Weighted-average remaining lease term	6.0 years			13.0 years
Weighted-average discount rate	7.9		%	9.5		%

Future operating lease payments as of June 30, 2026 are as follows (in thousands):


Year ending December 31:	Amount
Remainder of 2026	$	610
2027	1,265
2028	1,304
2029	1,337
2030	1,372
2031	1,378
Thereafter	698
Total lease payments, net of tenant improvement allowance	7,964
Less - present value adjustments	(1,587)
Total operating lease liabilities	$	6,377