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Leases | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Leases | Leases The Company leases office and manufacturing facilities under non-cancelable operating leases expiring at various dates through August 2032. Some of the Company’s leases include one or more options to renew, with renewal terms that if exercised by the Company, extend the lease term from one to six years. The exercise of these renewal options is at the Company’s discretion. The Company’s lease agreements do not contain any material terms and conditions of residual value guarantees or material restrictive covenants. The Company’s short-term leases and sublease income were not material. In April 2025, the Company terminated a non-cancellable operating lease located in Sunnyvale, California. The lease was originally scheduled to expire in November 2028. In connection with the termination, the Company made a payment of $1.2 million as a termination fee. As a result of the lease termination, the Company derecognized the related right-of-use asset and liability, resulting in a loss on lease termination of $8.3 million was recorded in other income (expense), net in the condensed consolidated statements of operations. The components of lease expenses were as follows (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost | $ | 1,926 |  |  | $ | 2,948 |  |  | $ | 4,335 |  |  | $ | 5,669 |
Variable lease cost | 240 |  |  | 331 |  |  | 490 |  |  | 658 |
Total operating lease cost | $ | 2,166 |  |  | $ | 3,279 |  |  | $ | 4,825 |  |  | $ | 6,327 |
Supplemental cash flow information related to leases was as follows (in thousands):
| Six Months Ended June 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Cash paid for operating leases included in operating activities | $ | (4,753) |  |  | $ | (5,213) |
Recognition/(derecognition) of right-of-use asset in exchange for lease obligations: |  |  |
Operating leases | $ | (7,906) |  |  | $ | 3,842 |
Supplemental balance sheet information related to leases was as follows (in thousands):
| June 30, 2025 |  | December 31, 2024 |  |
Operating leases: |  |  |  |  |
Operating lease right-of-use assets | $ | 20,127 |  |  | $ | 31,479 |  |  |
Operating lease liabilities: |  |  |  |  |
Operating lease liabilities, current | $ | 7,572 |  |  | $ | 10,049 |  |  |
Operating lease liabilities, non-current | 14,406 |  |  | 24,083 |  |  |
Total operating lease liabilities | $ | 21,978 |  |  | $ | 34,132 |  |  |
Weighted average remaining terms were as follows (in years):
| June 30, 2025 |  | December 31, 2024 |  |
Weighted average remaining lease term |  |  |  |  |
Operating leases | 3.88 |  | 4.20 |  |
Weighted average discount rates were as follows:
| June 30, 2025 |  | December 31, 2024 |  |
Weighted average discount rate |  |  |  |  |
Operating leases | 6.66 | % |  | 6.25 | % |  |
Maturities of lease liabilities were as follows (in thousands):
| Operating Leases |  |
Year Ending March 31, |  |  |
2025 (remaining six months) | $ | 3,840 |  |  |
2026 | 7,308 |  |  |
2027 | 6,274 |  |  |
2028 | 3,417 |  |  |
2029 | 1,506 |  |  |
Thereafter | 2,555 |  |  |
Total lease payments | 24,900 |  |  |
Less: imputed interest | (2,922) |  |  |
Total leases liabilities | $ | 21,978 |  |  |

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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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