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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2025
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Lease and other information The Company has entered into operating leases primarily for office and laboratory space. Lease cost amounts included in the measurement of lease obligations and other information related to non-cancellable operating leases were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost(1) | $ | 1,242 |  |  | $ | 1,033 |  |  | $ | 2,485 |  |  | $ | 2,065 |
(1) The Company had no variable lease costs.
Other information: | Operating Leases
Weighted-average remaining lease term (in years) | 7.3 years
Weighted-average discount rate | 7.0 | %
| Six Months Ended June 30,
Cash paid (in thousands): | 2025 |  | 2024
Operating cash flows from operating leases | $ | 2,428 |  |  | $ | 2,357 |
As of June 30, 2025, our maturity analysis of annual undiscounted cash flows of the non-cancellable operating leases are as follows (in thousands):
Years Ending December 31, |  | Operating Leases
2025 (remaining 6 months) |  | $ | 2,440 |
2026 |  | 5,014 |
2027 |  | 4,053 |
2028 |  | 5,400 |
2029 |  | 5,365 |
Thereafter |  | 15,695 |
Total minimum lease payments |  | 37,967 |
Less: imputed interest |  | 8,360 |
Lease obligations |  | $ | 29,607 |
Reconciliation of operating lease liabilities as shown within the unaudited condensed consolidated balance sheets (in thousands):
Current portion of lease obligations - Operating leases |  | $ | 3,001 |
Long-term lease obligations - Operating leases |  | 26,606 |
Total operating lease liabilities |  | $ | 29,607 |
Other Commitments We enter into supply and service arrangements in the normal course of business. Supply arrangements are primarily for fixed-price manufacture and supply. Service agreements are primarily for the development of manufacturing processes and certain studies. Commitments under service agreements are subject to cancellation at our discretion which may require payment of certain cancellation fees. The timing of completion of service arrangements is subject to variability in estimates of the time required to complete the work. As of June 30, 2025, the future minimum payments that we expect to pay, including potential obligations under services agreements subject to risk of cancellation by us, is nil. Legal Proceedings We may be involved in legal actions in the ordinary course of business, including inquiries and proceedings concerning business practices and intellectual property infringement, employee relations and other claims. We will recognize a loss contingency in the consolidated financial statements when it is probable a liability has been incurred and the amount of the loss can be reasonably estimated. We will disclose any loss contingencies that do not meet both conditions if there is a reasonable possibility that a material loss may have been incurred. Gain contingencies are not recorded until they are realized. We are currently not a party to any material pending litigation or other material legal proceedings that management believes could have a material adverse effect on our financial statements. Indemnifications We are required to recognize a liability for the fair value of any obligations we assume upon the issuance of a guarantee. We have certain agreements with licensors, licensees and collaborators that contain indemnification provisions. In such provisions, we typically agree to indemnify the licensor, licensee and collaborator against certain types of third-party claims. The maximum amount of the indemnifications is not limited. We accrue for known indemnification issues when a loss is probable and can be reasonably estimated. There were no accruals for expenses related to indemnification issues for any periods presented.

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