The majority of our operating lease agreements are for the office, research and development and manufacturing space we use to conduct our operations.

We lease space in Lexington, Massachusetts for our manufacturing, research and development, and corporate offices, office space in New York, New York for use as corporate offices, a facility in Emeryville, California for the development of a cGMP manufacturing facility and a facility in Cambridge, United Kingdom for research and development and corporate offices. We had subleased a small portion of the space in our main Lexington facility for part of the associated head lease. This sublease expired in 2022. These agreements expire at various times between 2025 and 2036, with options to extend certain of the leases.

We also have finance lease agreements for research and manufacturing equipment that expire at various times between 2025 and 2027. The terms of one of our finance lease agreements require us to maintain a specified minimum cash balance. As of December 31, 2024, our cash balance was below this threshold. Despite this, we remain current on all lease payments under the agreement. The financial institution has the contractual right to take remedial actions, including potentially reclaiming the leased assets until we regain compliance. As of December 31, 2024, the remaining amounts owed under this lease totaled approximately $4.7 million, with payments scheduled through September 2025.

The components of lease cost recorded in our consolidated statement of operations were as follows (in thousands):


	Year ended December 31,
	2024		2023		2022
Operating lease cost	$	8,695	$	10,000	$	9,351
Finance lease cost		5,104		5,024		309
Variable lease cost		3,467		3,375		3,108
Sublease income		—		—		(613	)
Net lease cost	$	17,266	$	18,399	$	12,155

Finance lease cost for the years ended December 31, 2024 and 2023 includes $3.8 million and $2.8 million, respectively, related to amortization of the right-of-use assets and $1.2 million and $2.2 million, respectively, related to interest on the lease liabilities. Variable lease cost for the years ended December 31, 2024, 2023 and 2022, primarily related to common area maintenance, taxes, utilities and insurance associated with our operating leases. Short-term lease cost for the years ended December 31, 2024, 2023 and 2022 was immaterial.

Cash paid for amounts included in the measurement of operating lease liabilities for the years ended December 31, 2024, 2023 and 2022 was approximately $2.4 million, $2.8 million and $2.6 million, respectively. Cash paid for amounts included in the measurement of finance lease liabilities for the years ended December 31, 2024, 2023 and 2022 was approximately $10.5 million, $8.9 million and $0.5 million, respectively.

The following table presents supplemental balance sheet information related to our leases as of December 31, 2024 and 2023 (in thousands):


	As of December 31, 2024		As of December 31, 2023
Operating Leases
Operating lease right-of-use assets	$	27,308	$	29,606
Total operating lease right-of-use assets		27,308		29,606

Current portion, operating lease liabilities		2,446		2,587
Operating lease liabilities, net of current portion		54,551		62,511
Total operating lease liabilities		56,997		65,098

Finance Leases
Property, plant and equipment, net		31,686		35,629
Total finance lease right-of-use assets		31,686		35,629

Other current liabilities		4,702		10,457
Other long-term liabilities		115		4,719
Total finance lease liabilities	$	4,817	$	15,176

During the years ended December 31, 2024 and 2022, we recognized operating lease right-of-use asset impairment losses of approximately $0.9 million and $6.1 million, respectively, resulting from the abandonment of three operating facility leases. These impairment losses are recorded in "other expense" in our consolidated statements of operations and comprehensive loss.

During the year ended December 31, 2024, we recognized a $5.3 million gain on the termination of two operating facility leases. This gain was recorded in "other expense" in our consolidated statements of operations and comprehensive loss.

Maturities of our lease liabilities as of December 31, 2024 were as follows (in thousands):


Year	Operating Leases			Finance leases			Total future lease commitments
2025	$	8,609		$	4,879		$	13,488
2026		8,297			107			8,404
2027		8,522			16			8,538
2028		8,773			—			8,773
2029		8,894			—			8,894
Thereafter		58,324			—			58,324
Total	$	101,419		$	5,002		$	106,421
Less imputed interest		(44,422	)		(185	)
Present value of lease liabilities	$	56,997		$	4,817

The weighted-average remaining lease terms and discount rates related to our leases were as follows:


	December 31, 2024
	Operating			Finance
Weighted average remaining lease term (in years)		11.0			0.8
Weighted average discount rate		11.0	%		11.6	%