The Company has lease agreements for office, laboratory and manufacturing spaces that are classified as operating leases on the consolidated balance sheets. These leases have terms varying from one to approximately sixteen years, with renewal options of up to ten years, as well as early termination options. Extension and termination options are included in the total lease term when the Company is reasonably certain to exercise them. The leases are subject to additional variable charges, including common area maintenance, property taxes, property insurance and other variable costs. Given the variable nature of such costs, they are recognized as expense as incurred. Additionally, some of the Company’s leases are subject to certain fixed fees which the Company has determined to be non-lease components. The Company has elected to combine and account for lease and non-lease components as a single-lease component for purposes of determining the total future lease payments.

In October 2024, the Company exercised its right of early termination for its Torrey Pines operating lease, which consists of 72,000 square feet of office, laboratory, and Good Manufacturing Practice (GMP) space. In connection with such exercise, the Company paid $2.5 million to its landlord during the year ended December 31, 2024. Termination of the lease, which previously extended through December 31, 2028, took effect on October 31, 2025. The Company accounted for this transaction as a modification to the lease agreement, which reduced the ROU asset and corresponding lease liability balances as of December 31, 2024 in connection with such transaction.

As of September 30, 2025, future undiscounted minimum contractual payments under the Company’s operating leases were $122.4 million, which will be paid over a remaining weighted-average lease term of 10.3 years. The weighted-average discount rate

for the operating lease liabilities was 8.4%, which was the Company’s incremental borrowing rate at lease commencement, as the discount rates implicit in the leases could not be readily determined.

Future undiscounted minimum lease payments under the Company’s operating leases as of September 30, 2025 are as follows (in thousands):


	Operating Lease Payments
Remaining 2025	$	3,075
2026		11,050
2027		11,382
2028		10,293
2029		10,602
2030		10,920
Thereafter		65,056
Total undiscounted lease payments	$	122,378
Less: imputed interest		(43,133	)
Total lease liability	$	79,245