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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases | 6. Leases The Company has operating leases for its current corporate offices, laboratory space, manufacturing facility, and dedicated space in a vivarium in South San Fran cisco, California. Rent expense was $2.4 million and $4.8 million for the three and six months ended June 30, 2025, respectively, and $2.6 million and $5.3 million for the three and six months ended June 30, 2024, respectively. The total cash paid for operating leases included in the operating cash flows were $5.6 million and $7.6 million for the six months ended June 30, 2025 and 2024, respectively. The weighted average remaining lease term was 8.6 years for the corporate office, laboratory space leases, and additional facility as of June 30, 2025. The weighted average discount rate was 9.7% as of June 30, 2025. Initial Lease Agreement In May 2018, the Company entered into a lease agreement for corporate office and laboratory space located in South San Francisco, California with an expiration date in May 2025 (the "Initial Lease Agreement"). In April 2019, the Company executed the first amendment to the Initial Lease Agreement for additional corporate space, laboratory space and manufacturing capabilities. In May 2020, the Company executed the second amendment to the Initial Lease Agreement for additional corporate space and laboratory space in the same building. The lease for this additional space commenced in January 2021. In January 2021, the Company signed a third amendment to the Initial Lease Agreement for additional space in the same building. The lease amendment for this additional space commenced in April 2021 and expired in March 2024. In October 2021, the Company signed a fourth amendment to the Initial Lease Agreement for additional space in the same building, that commenced in April 2022. All space leased under the Initial Lease Agreement, together with the first amendment, second amendment, and fourth amendment to the Initial Lease Agreement, has a lease term through July 31, 2030, with an option to extend the lease for an additional seven-year term. This lease extension option was not considered in the right-of-use assets or the lease liability as the Company did not consider it reasonably certain the option would be exercised. In December 2024, the Company executed a sixth amendment to the Initial Lease Agreement, which updated the lease termination date for one of the spaces in the same building to July 31, 2025. Additional Lease Agreement In July 2021, the Company entered into an additional lease agreement for corporate office, manufacturing and laboratory space located in South San Francisco, California with an expiration date approximately twelve years after the lease commencement date (as amended from time to time, the "Additional Lease Agreement"). The lease for this additional space and the Company's obligation to pay rent commenced in January 2 022. In addition to ba se rent, the Company is responsible for payment of direct expenses, which include operating, insurance and tax expenses. The Additional Lease Agreement provided for certain tenant improvement allowances that were fully utilized and reimbursed to the Company, and an additional tenant improvement allowance to be utilized at the option of the Company. In June 2023, the Company entered into an amendment to utilize the additional tenant improvement allowance of $4.4 million and under this amendment the Company is required to repay the tenant improvement costs in equal monthly payments at an annual rate of 8.5% over the remainder of the lease term starting in July 2023. Maturities of operating lease liabilities under existing operating leases as of June 30, 2025 were as follows (in thousands):
Year ending December 31, |  | Amount |
2025 (remaining six months) |  | $ | 6,952 |
2026 |  |  | 12,621 |
2027 |  |  | 13,041 |
2028 |  |  | 13,477 |
2029 |  |  | 13,927 |
2030 and thereafter |  |  | 57,458 |
Total undiscounted future minimum lease payments |  |  | 117,476 |
Less imputed interest |  |  | (38,934 | )
Total operating lease liabilities |  | $ | 78,542 |
Operating lease liabilities: |  |  |
Current |  | $ | 6,912 |
Non-current |  |  | 71,630 |
Total lease liability |  | $ | 78,542 |
Sublease Agreements In September 2024 and November 2024, the Company entered into agreements to sublease a portion of the Company's leased office space through November 2027 and July 2030, respectively. The sublease agreements both commenced during the fourth quarter of 2024 and rent payments commenced in the second quarter of 2025. The Company accounts for the sublease agreements in accordance with ASC 842, Leases. Sublease income during the three and six months ended June 30, 2025, was no t material.

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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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