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Leases | 6 Months Ended
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Jun. 30, 2026
Leases [Abstract] |
Leases | 6. Leases The Company leases real estate, primarily laboratory, office and manufacturing space. The Company’s leases have remaining terms ranging from approximately three to ten years. Certain leases include one or more options to renew, exercisable at the Company’s sole discretion, with renewal terms that can extend the lease from approximately one year to ten years. The Company evaluated the renewal options in its leases to determine if it was reasonably certain that the renewal option would be exercised, given the Company’s current business structure, uncertainty of future growth, and the associated impact to real estate, the Company concluded that it is not reasonably certain that any renewal options would be exercised. Therefore, the operating lease assets and operating lease liabilities only contemplate the initial lease terms. All the Company’s leases qualify as operating leases. In June 2026, in order to reduce the Company's ongoing annual rent costs and facilities footprint, the Company entered into the First Amendment to Lease (the “Lease Amendment”) with 101 CPD LLC (f/k/a HCP/King 101 CPD LLC), a Delaware limited liability company (the “Landlord”), which amends the Lease Agreement, dated September 22, 2021, by and between the Company and the Landlord (as amended, the “Lease”), pursuant to which the Company leases approximately 82,714 rentable square feet of office and laboratory space in Cambridge, Massachusetts. Effective as of May 1, 2026, the Lease Amendment reduced the amount of space subject to the lease from 82,714 rentable square feet of space to 36,882 rentable square feet, extended the term of the renewal premises to December 31, 2036, and reduced the base rent the Company is obligated to pay the Landlord for the renewal premises to $79.70 per rentable square foot per year, subject to an annual adjustment of 3%. Concurrent with the execution of the Lease Amendment, the Company entered into a separate lease for the portion of the space under the Lease that was not retained (the “Early Termination Premises”) with a lease term that ends on December 31, 2027. There are no ongoing legal or economic liabilities of the Company related to this lease of the Early Termination Premises apart from the termination payments described below related to the Lease Amendment. The Company accounted for the Lease Amendment and the lease of the Early Termination Premises as a single contract with two lease components, as the agreements were negotiated simultaneously. As consideration for the Lease Amendment, the Company agreed to pay the following: (i) a $4,500 termination fee payable on the execution of the Lease Amendment, and (ii) on or before January 4, 2027, a deferred payment of $5,201 which may be satisfied either as an unconditional letter of credit or in cash, of which $1,967 represents the Company’s rent obligations for the period from May 1, 2026 through December 31, 2026 and $3,234 represents an additional termination payment. Further, the Company permitted the Landlord to draw the existing letter of credit held by Landlord under the Lease equal to $6,266. Minimum lease payments total $36,763 throughout the term of the Lease Amendment, for total consideration of $50,763 inclusive of termination fees and the letter of credit draw. The Company identified two lease components, the retained space subject to the Lease Amendment, and the Early Termination Premises. Consideration was allocated to each lease component based on their relative standalone selling prices. The Company accounted for the Lease Amendment as a modification to the existing lease and not a new contract separate from the existing contract, and accordingly decreased the associated lease liability and right-of-use asset by $11,538. During the three months ended June 30, 2026, the Company identified an indicator of impairment relating to the Early Termination Premises, as the Company is not planning to use the Early Termination Premises; additionally, the Company is prohibited under the lease from marketing the Early Termination Premises for sublease. The Company determined that this represents a significant adverse change in the extent in which the long-lived asset was being used. The Company concluded that the carrying value of the Early Termination Premises, which represents a single asset group, was not recoverable as there are zero future cash flows that are expected to be generated from the assets within the asset group. The Company recognized an impairment loss of $5,807, consisting of $5,574 on the operating lease right-of-use asset and $233 on the leasehold improvements, in the three and six months ended June 30, 2026. The impairment loss is disaggregated in the accompanying condensed consolidated statements of operations and comprehensive income (loss) as a separate line, impairment of long-lived assets. The following table summarizes the presentation in the Company’s condensed consolidated balance sheets of its operating leases (in thousands):
|  | June 30, 2026 |  |  | December 31, 2025 |
Assets: |  |  |  |  |  |
Operating lease assets |  | $ | 51,168 |  |  | $ | 72,483 |
Liabilities: |  |  |  |  |  |
Operating lease liabilities |  | $ | 11,828 |  |  | $ | 10,390 |
Operating lease liabilities, net of current portion |  |  | 44,816 |  |  |  | 72,576 |
Total operating lease liabilities |  | $ | 56,644 |  |  | $ | 82,966 |
The following table summarizes the effect of lease costs in the Company’s condensed consolidated statements of operations and comprehensive (loss) income (in thousands):
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
Operating lease costs |  | $ | 3,796 |  |  | $ | 4,787 |  |  | $ | 8,566 |  |  | $ | 9,618 |
Variable lease costs |  |  | 1,396 |  |  |  | 1,721 |  |  |  | 3,153 |  |  |  | 2,963 |
Sublease income |  |  | (817 | ) |  |  | (809 | ) |  |  | (1,487 | ) |  |  | (1,632 | )
Total lease costs |  | $ | 4,375 |  |  | $ | 5,699 |  |  | $ | 10,232 |  |  | $ | 10,949 |
During the three and six months ended June 30, 2026 and 2025, the Company made cash payments for operating leases of $14,166, $19,147, $4,837, and $9,715, respectively. As of June 30, 2026, future payments of operating lease liabilities are as follows (in thousands):
|  | As of June 30, 2026 |
2026 (remaining 6 months) |  | $ | 5,247 |
2027 |  |  | 19,016 |
2028 |  |  | 13,892 |
2029 |  |  | 12,952 |
2030 |  |  | 4,150 |
2031 and thereafter |  |  | 22,097 |
Total future minimum lease payments |  | $ | 77,354 |
Less: interest |  |  | (20,710 | )
Present value of operating lease liabilities |  | $ | 56,644 |
As of June 30, 2026, the weighted average remaining lease term was 7.10 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 11.4%. As of June 30, 2025, the weighted average remaining lease term was 6.52 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 13%.

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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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