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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 8. Leases The Company has operating leases for buildings, equipment and vehicles. Existing leases have remaining terms ranging from less than one year to approximately 5 years. Some leases contain options to extend the lease, usually for up to five years, along with termination options. The Company’s facility lease has an expiration date of April 30, 2030 and contains an option to extend the lease, for up to five years, along with termination options. The Company is utilizing one floor (19 th floor) for its corporate operations with all expense for this floor included within selling, general and administrative expense on the Company’s consolidated statements of operations for the years ended December 31, 2024 and 2023. In connection with the Merger, the Company assumed three leases for office and laboratory space, with lease terms of three to five years. One of the assumed leases expired on June 30, 2024 and has not been renewed. The remaining leases require monthly lease payments that may be subject to annual increases throughout the lease term. The remaining leases also include renewal options at the Company's election to renew or extend the leases for additional periods ranging from three to ten years. As part of the Company’s restructuring plan discussed further in Note 17, in August 2022, the Company entered into an agreement to sublease approximately 25% of its corporate headquarters space (18 th floor) in South San Francisco, California for a period of 39 months, which commenced in October 2022. The Company expects to recognize $4.8 million of sublease income over the lease term. As of December 31, 2024, 12 months were remaining on the sublease. The Company expects to recognize $1.6 million of sublease income over the remaining lease term. In addition, on February 28, 2023, the Company signed a second agreement to sublease an additional 25% of its corporate headquarters (21 st floor) for a period of 77 months, which commenced on December 1, 2023. The Company expects to recognize additional sublease income of $9.1 million over the lease term. At December 31, 2024, $7.7 million of sublease income is expected to be recognized over the remaining 64 months of the lease term. Rent expense, net of sublease income, is reported within restructuring and related charges for the year ended December 31, 2024, in the consolidated statements of operations. The Company has fully vacated and is in the process of potentially subleasing an additional floor (20 th floor). Lease Costs Lease costs for operating leases are recognized on a straight-line basis over the lease term. The total lease cost for the period, including the Company's historical leases and those assumed in connection with the Merger, was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 9,873 |  |  | $ | 7,995 |  |  | $ | 7,987 |
Variable lease cost |  |  | 5,002 |  |  |  | 3,164 |  |  |  | 2,930 |
Less: Sublease income |  |  | (4,304 | ) |  |  | (2,679 | ) |  |  | (189 | )
Total lease cost |  | $ | 10,571 |  |  | $ | 8,480 |  |  | $ | 10,728 |
Lease Maturities Future minimum lease payments and sublease income as of December 31, 2024 under commenced non-cancelable operating leases are as follows (in thousands):
Fiscal Year |  | Minimum Lease Payments for Operating Leases |  |  | Sublease Income |  |  | Net Minimum Lease Payments for Operating Leases |
2025 |  | $ | 9,717 |  |  | $ | (2,953 | ) |  | $ | 6,764 |
2026 |  |  | 8,751 |  |  |  | (1,381 | ) |  |  | 7,370 |
2027 |  |  | 7,419 |  |  |  | (1,430 | ) |  |  | 5,989 |
2028 |  |  | 7,370 |  |  |  | (1,480 | ) |  |  | 5,890 |
2029 |  |  | 7,613 |  |  |  | (1,532 | ) |  |  | 6,081 |
Thereafter |  |  | 2,611 |  |  |  | (527 | ) |  |  | 2,084 |
Total future minimum payments (receipts) |  | $ | 43,481 |  |  | $ | (9,303 | ) |  | $ | 34,178 |
Imputed interest |  |  | (10,784 | ) |  |  |  |  |  |
Total operating lease liabilities |  |  | 32,697 |  |  |  |  |  |  |
Less: current operating lease liabilities |  |  | (6,228 | ) |  |  |  |  |  |
Operating lease liabilities, non-current |  | $ | 26,469 |  |  |  |  |  |  |
Supplemental Lease Information Supplemental information related to the Company's operating leases was as follows:
|  | December 31, 2024 |  |  | December 31, 2023 |
Weighted average remaining lease term (in years) |  | 4.7 years |  |  | 5.9 years |
Weighted average discount rate per annum |  | 12.0% |  |  |  | 11.8 | %
Cash paid for amounts included in the measurement of operating lease liabilities |  | $ | 9,924 |  |  | $ | 7,931 |

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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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