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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 9. LEASES As a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end in September 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of each of December 31, 2024 and 2023, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease. In addition, the Company leases approximately 6,000 square of office space in San Diego, California under a lease that runs through September 2024. The Company entered into a lease for approximately 3,500 square of office space in San Diego, California that runs from October 2024 through July 2025. The components of lease expense and supplemental information were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Operating lease costs |  | $ | 4,061 |  |  | $ | 4,153 |
Variable lease costs |  |  | 976 |  |  |  | 397 |
Short-term lease costs |  |  | 67 |  |  |  | 22 |
Total lease costs |  | $ | 5,104 |  |  | $ | 4,572 |
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Weighted-average remaining lease term (in years) |  |  | 7.8 |  |  |  | 8.7 |
Weighted-average incremental borrowing rate |  |  | 6.2 | % |  |  | 6.2 | %
Variable lease costs primarily consist of common area maintenance. S upplemental cash flow information related to leases are as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 3,969 |  |  | $ | 3,941 |
Lease liability obtained in exchange for right-of-use assets |  | $ | — |  |  | $ | 514 |
As of December 31, 2024, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows:
Years ending December 31, |  | (in thousands) |
2025 |  | $ | 3,846 |
2026 |  |  | 3,957 |
2027 |  |  | 4,072 |
2028 |  |  | 4,191 |
2029 |  |  | 4,312 |
Thereafter |  |  | 12,562 |
Total undiscounted future minimum lease payments |  |  | 32,940 |
Present value adjustment for minimum lease commitments |  |  | (6,976 | )
Total operating lease liabilities |  | $ | 25,964 |
As a lessor, the Company has contracts for equipment leased to customers. The Company accounts for the non-lease component under the revenue recognition ASC 606 guidance and the lease component under ASC 842 guidance. For an arrangement that has been classified as a sales-type lease, revenue is recognized when the transfer of control of the underlying leased asset has occurred and the net investment lease recorded, which is calculated at the present value of the remaining lease payments due from the lessee. For an arrangement that has been classified as an operating lease, revenue is recognized on a straight-line basis over the lease term.

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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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