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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Leases The Company has non-cancelable operating leases for manufacturing, laboratory, office and warehouse space in Maryland The Company’s leases each have one or more five-year options to renew. In December 2022, the Company amended the existing lease on its headquarters space to extend the lease term through 2035 in exchange for certain concessions from the lessor. This amendment was accounted for as a lease modification, and the right-of-use asset and lease liability were remeasured at the modification date, resulting in an increase to both balances of approximately $14.0 million. The table below presents supplemental balance sheet information related to operating leases:
| December 31,
| 2023 |  | 2022
Weighted-average remaining lease term (in years) | 11.0 |  | 11.1
Weighted-average discount rate | 12.0 | % |  | 12.0 | %
During the years ended December 31, 2023 and 2022, t he Company made cash payments for operating leases of $5.9 million and $6.9 million, respectively. As of December 31, 2023 and 2022, the Company’s ROU assets were valued at $23.8 million and $27.3 million, respectively. The components of lease cost for the years ended December 31, 2023 and 2022 were as follows (in thousands):
| December 31,
| 2023 |  | 2022
Operating lease cost | $ | 7,459 |  |  | $ | 5,597 |
Variable lease cost | 1,316 |  |  | 1,451 |
Sublease income | (1,109) |  |  | (1,076) |
Net lease cost | $ | 7,666 |  |  | $ | 5,972 |
As of December 31, 2023, the maturities of the Company’s operating lease liabilities were as follows (in thousands):
2024 | $ | 4,004 |
2025 | 5,084 |
2026 | 4,209 |
2027 | 4,927 |
2028 | 6,049 |
Thereafter | 46,003 |
Total lease payments | 70,276 |
Less: imputed interest | (36,306) |
Total lease liabilities | $ | 33,970 |
In-licensing arrangement In January 2022, the Company entered into a non-exclusive license agreement with Synaffix B.V., a Lonza company, (Synaffix) to develop, manufacture and commercialize up to three antibody-drug conjugate targets using Synaffix’s proprietary technology. The Company made an upfront payment to Synaffix upon contract execution. In March 2023, the Company and Synaffix amended the agreement, adding four additional targets. Assuming all seven targets are successfully developed and commercialized, the Company would be obligated to pay up to $2.8 billion for development, regulatory and sales milestones. Finally, pursuant to the terms of this license agreement, as amended, upon commencement of commercial sales of any products developed from these targets, the Company would be required to pay Synaffix tiered royalties in the low‑single digit percentages on net sales of the respective products. The Company may terminate this agreement at any time with 30 days’ notice to Synaffix. Amounts paid to Synaffix under this agreement are recorded as research and development expense in the consolidated statement of operations. The Company incurred $2.8 million and $1.0 million in expense under this agreement during the years ended December 31, 2023 and 2022, respectively.

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