In December 2015, the Company entered into a lease (the “2016 Lease”) of office and laboratory space located in South San Francisco, California for the Company’s corporate headquarters. The 2016 Lease has an initial term of ten years through 2026 and the Company has an option to extend the initial term for an additional five years at the then fair rental value as determined pursuant to the 2016 Lease.

In addition, the Company obtained a standby letter of credit (the “Letter of Credit”) in an amount of approximately $0.9 million, which may be drawn by the Landlord to be applied for certain purposes upon the Company’s breach of any provisions under the 2016 Lease. The Company recorded the $0.9 million of cash securing the Letter of Credit as non-current restricted cash on its balance sheet as of December 31, 2024 and 2023. Rent expense during the years ended December 31, 2024 and 2023 was $5.1 million and $5.1 million, respectively.

Supplemental information related to leases are as follows:


	Year Ended
	December 31, 2024			December 31, 2023
	(in thousands)
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	5,572		$	5,420

	December 31, 2024			December 31, 2023
Weighted-average remaining lease term (in years)
Operating lease	1.75			2.75
Weighted-average discount rate
Operating lease		8.25	%		8.25	%

In March 2023, the Company entered into a sublease agreement for a portion of its existing office and laboratory space. The sublease is classified as an operating lease whereby sublease income is recognized on a straight-line basis over the sublease term that expires on September 30, 2026. For the year ended December 31, 2024 and 2023, sublease income was $1.2 million and $0.9 million, respectively.


	December 31, 2024
	(in thousands)
Future sublease income payments
2025		1,379
2026		1,067
Total sublease income payments	$	2,446