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

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 not paid any claims or been required to defend any action related to its indemnification obligations. As of March 31, 2025, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.