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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | 6. Leases We currently have three operating leases for administrative and research and development office and lab space in San Diego, California and Boston, Massachusetts that expire between November 2025 and May 2033. Under the terms of the operating leases, as each may be amended from time to time, we are required to pay our proportionate share of property taxes, insurance and normal maintenance costs. All of our leases include renewal options for an additional five years, which were not included in the determination of the ROU asset or lease liability as the renewal was not reasonably certain at the inception of the lease. Our Boston lease and former San Diego corporate headquarters lease provided for $1.4 million and $1.3 million, respectively, in reimbursements for allowable tenant improvements and rent credits, which effectively reduced the total lease payments owed. Our San Diego research and development, lab, and principal executive office space lease entered into in January 2025 and amended in June 2025 provides (i) $2.4 million in rent credits, and (ii) a $6.2 million tenant improvement allowance expected to be received during 2025. Maturities of lease liabilities as of September 30, 2025 are as follows, in thousands:
Year Ending December 31, |  |
2025 (remaining) | $ | 493 |
2026 |  | 1,533 |
2027 |  | 3,658 |
2028 |  | 3,754 |
2029 |  | 3,853 |
Thereafter |  | 11,169 |
Total lease payments |  | 24,460 |
Less: imputed interest |  | (8,835 | )
Less: tenant improvement allowance reimbursements yet to be received |  | (5,832 | )
Total operating lease liabilities | $ | 9,793 |
As of September 30, 2025 and December 31, 2024, the weighted-average discoun t rate was 12.3% and 11.4%, respectively, and the weighted-average remaining lease ter m was 6.4 years and 5.9 years, respectively. Total cash paid for amounts included in the measurement of operating lease liabilities, net of tenant improvement reimbursements, was $0.5 million and $0.3 million for the three months ended September 30, 2025 and 2024, respectively. Total cash paid for amounts included in the measurement of operating lease liabilities, net of tenant improvement reimbursements, was $1.4 million and $1.3 million for the nine months ended September 30, 2025 and 2024, respectively. For the nine months ended September 30, 2025, $2.7 million of operating lease ROU assets were obtained in exchange for operating lease liabilities compared to no ne for the nine months ended September 30, 2024. Total operating lease and rent expense for the three months ended September 30, 2025 and 2024 were approximately $0.8 million and $0.5 million, respectively. Total operating lease and rent expense for the nine months ended September 30, 2025 and 2024 were approximately $2.4 million and $1.5 million, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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