The Company leases office and research and development space at the Company’s headquarters in South San Francisco, California under an operating lease. In April 2021, the Company entered into a lease for 12,560 square feet, set to expire in February 2023. In September 2022, the lease was amended to add 9,348 square feet, totaling 21,908 square feet (the “Original Leased Space”), also expiring in February 2023. In December 2022, the Company entered into another lease amendment to extend the term of the Original Leased Space and add 22,911 square feet (the “Additional Leased Space”). The Company took control of the Additional Leased Space in November 2023, at which point the Company vacated the Original Leased Space to allow the landlord to renovate it.

Renovation of the Original Leased Space was completed in July 2024. Upon completion of the renovation of the Original Leased Space, the lease of the Original Leased Space commenced, resulting in the total leased premises increasing to 44,819 square feet (the “Leased Space”).

The lease term for the Leased Space expires in July 2032, with an option to extend the lease for eight additional years (the “Extension Option”). As of December 31, 2024 and 2023, it was not probable that the Company would exercise the Extension Option, therefore, it was excluded from the right-of-use asset and lease liability calculations.

During the year ended December 31, 2024, the Company recorded a $12.5 million operating lease right-of-use asset and operating lease liability upon completion of the renovations of the 21,908 square foot office and research and development space (the "Original Leased Space") as the Company occupied the property.

During the year ended December 31, 2023, the Company recorded a $12.6 million operating lease right-of-use asset and operating lease liability for the Additional Leased Space as the lease commenced in November 2023, when the Company took control of the property. These amounts are disclosed in the supplemental information of noncash activities on the statements of cash flows. As of December 31, 2023, the entire balance of the operating lease liability associated with the Additional Leased Space was classified as non-current as the Company received a rent abatement for four months in the first year of the lease and, therefore, the operating lease liability increased over the 12 month-period starting from December 31, 2023.

As of December 31, 2024, the weighted average remaining lease term of the Leased Space was 7.6 years. The weighted average incremental borrowing rate used for the calculation of the present value of lease payments over the lease term was 11.34%.

As of December 31, 2023, the remaining lease term of the Additional Leased Space was 8.5 years. The incremental borrowing rate used for the calculation of the present value of lease payments over the lease term at the lease commencement date was 12.3%.

The following table summarizes the expenses recognized and cash paid for the Leased Space (in thousands):


	Years Ended December 31,
	2024		2023
Cash paid for operating lease liabilities	$	1,631	$	897
Operating lease costs		3,462		964
Short-term lease costs		644		1,018

As of December 31, 2024, future minimum rental payments for operating leases were as follows (in thousands):


As of December 30,	Future Payments
2025	$	4,469
2026		4,611
2027		4,760
2028		4,912
2029		5,071
Thereafter		13,851
Total lease payments		37,674
Less: imputed interest		(12,198	)
Total present value of operating lease liabilities	$	25,476
Operating lease liabilities, current	$	1,851
Operating lease liabilities, non-current		23,625
Total operating lease liabilities	$	25,476