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Leases | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
Leases | 8. 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 September 30, 2025 and December 31, 2024, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease. The components of lease expense and supplemental information were as follows (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |  |  | 2025 |  |  | 2024 |
Operating lease costs |  | $ | 959 |  |  | $ | 1,025 |  |  | $ | 2,877 |  |  | $ | 3,101 |
Variable lease costs |  |  | 229 |  |  |  | 298 |  |  |  | 693 |  |  |  | 761 |
Short-term lease costs |  |  | 26 |  |  |  | 14 |  |  |  | 122 |  |  |  | 26 |
Total lease costs |  | $ | 1,214 |  |  | $ | 1,337 |  |  | $ | 3,692 |  |  | $ | 3,888 |
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Weighted-average remaining lease term (in years) |  |  | 7.0 |  |  |  | 8.0 |
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 is as follows (in thousands):
|  | Nine Months Ended September 30, |
|  | 2025 |  |  | 2024 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 2,878 |  |  | $ | 3,029 |
As of September 30, 2025, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows (in thousands):
Years ending December 31, |  |  |
2025 (remaining three months) |  | $ | 968 |
2026 |  |  | 3,957 |
2027 |  |  | 4,072 |
2028 |  |  | 4,191 |
2029 |  |  | 4,312 |
Thereafter |  |  | 12,562 |
Total undiscounted future minimum lease payments |  |  | 30,062 |
Present value adjustment for minimum lease commitments |  |  | (5,813 | )
Total operating lease liabilities |  | $ | 24,249 |

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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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