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Leases

6 Months Ended

Jun. 30, 2025

7. Leases

As of June 30, 2025, we had an operating lease for 52,148 square feet of laboratory and office space in San Diego, California, with a lease term that expires on December 31, 2025. In October 2021, we entered into a sublease agreement to sublet 23,873 square feet of laboratory and office space in San Diego, California. The space was delivered to the subtenant in March 2022. As a result of the sublease agreement, our one five-year option to renew this lease on expiration applies only with respect to our remaining 28,275 square feet of laboratory and office space.

We have a short-term sublease agreement to sublet 9,882 square feet of office space in Cary, North Carolina, with a lease term that expires on August 31, 2025.

During the three and six months ended June 30, 2025, we recognized $0.8 million and $1.6 million of operating lease expense, respectively. During the three and six months ended June 30, 2025, we paid $0.8 million and $1.6 million, respectively, for our operating leases.

During the three and six months ended June 30, 2024, we recognized $0.7 million and $1.5 million of operating lease expense, respectively. During the three and six months ended June 30, 2024, we paid $0.8 million and $1.6 million, respectively, for our operating leases.

Annual future minimum lease payments as of June 30, 2025 are as follows (in thousands):


2025	$	1,563
Less: discount		(24	)
Total lease liabilities	$	1,539