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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 5. Commitments and Contingencies Leases The Company leases its offices and laboratory in Brisbane, California, or the Brisbane Lease, under a ten-year noncancelable lease agreement that ends in October 2031 with a ten-year renewable option. As of March 31, 2025, the operating lease right-of-use assets were $16.3 million and lease liabilities were $28.3 million on the unaudited condensed consolidated balance sheet. The weighted-average remaining lease term is 6.6 years. The weighted-average incremental borrowing rate used to measure the operating lease liability is 8.4%. Operating lease costs were $1.0 million for each of the three months ended March 31, 2025 and 2024. Variable lease payments were $0.7 million and $0.5 million for the three months ended March 31, 2025 and 2024, respectively. Future minimum lease payments and related lease liabilities as of March 31, 2025, were as follows:
|  | (in thousands) |
2025 (remaining nine months) |  | $ | 3,806 |
2026 |  |  | 5,242 |
2027 |  |  | 5,425 |
2028 |  |  | 5,615 |
2029 and thereafter |  |  | 16,985 |
Total undiscounted lease payments |  |  | 37,073 |
Less: Imputed interest |  |  | (8,765 | )
Total |  | $ | 28,308 |
Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has no t paid any claims or been required to defend any action related to its indemnification obligations. As of March 31, 2025, the Company did no t have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.

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