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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2025
Commitments and Contingencies |
Commitments and Contingencies |
(6) | Commitments and Contingencies
Leases The Company has an operating lease for its office space in Philadelphia, Pennsylvania. The Company’s operating lease has a term end date of September 2029. During the second quarter of 2025, the Company abandoned one of its laboratory space operating leases, resulting in a loss on abandonment of the right-of-use asset of $0.9 million. The Company also terminated obligations under an arrangement for the use of certain laboratory equipment that were classified as finance leases and returned each of its finance lease right-of-use assets to its lessor. During the three months ended September 30, 2025, the Company recorded a total gain of $0.4 million related to the termination of the finance leases. During the nine months ended September 30, 2025, the Company recorded a total loss of $0.6 million related to the termination of the finance leases. The Company’s operating and finance lease right-of-use (ROU) assets and the related lease liabilities are initially measured at the present value of future lease payments over the lease term. The Company is responsible for payment of certain real estate taxes, insurance and other expenses on certain of its leases. These amounts are generally considered to be variable and are not included in the measurement of the ROU assets and lease liability. The Company accounts for non-lease components, such as maintenance, separately from lease components. During the nine months ended September 30, 2025, the Company carried laboratory equipment from failed sale-leasebacks, as assets held for sale on the accompanying unaudited interim consolidated balance sheets. The ongoing lease payments are recorded as reductions to the finance liability and interest expense. During the three and nine months ended September 30, 2025, the Company terminated the lease agreements and returned all of its failed sale-leaseback laboratory equipment, resulting in a loss of $0.1 million and $1.7 million, respectively. The elements of the Company’s lease costs were as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended September 30,
​ |  | 2025 |  | 2024
Operating lease cost | ​ | $ | 1,571 | ​ | $ | 4,226
Finance lease cost: | ​ |  |  | ​ |  |
Amortization of lease assets | ​ |  | 439 | ​ |  | 1,321
Interest on lease liabilities | ​ |  | 31 | ​ |  | 192
Total finance lease cost | ​ |  | 470 | ​ |  | 1,513
Variable lease cost | ​ |  | 115 | ​ |  | 768
Short term lease cost | ​ | ​ | — | ​ | ​ | 503
Total lease cost | ​ | $ | 2,156 | ​ | $ | 7,010
​ Lease term and discount rate information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ |  | September 30, | ​
​ |  | 2025 |  | 2024 | ​
Weighted-average remaining lease term (in years) |  |  |  |  | ​
Operating leases |  | 3.9 |  | 2.4 | ​
Finance leases |  | — |  | 1.1 | ​
Weighted-average discount rate |  | ​ |  |  | ​
Operating leases |  | 10.5 | % | 9.7 | %
Finance leases |  | — | ​ | 9.0 | %
​ Supplemental cash flow information was as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Nine Months Ended September 30,
​ |  | 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  | ​ |  |  | ​ |
Operating cash used in operating leases | ​ | $ | 1,541 | ​ | $ | 4,478
Operating cash used in finance leases | ​ | $ | 31 | ​ | $ | 192
Financing cash used in finance leases | ​ | $ | 516 | ​ | $ | 1,158
​ Future maturities of lease liabilities were as follows as of September 30, 2025 (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating |  | Finance
​ | ​ | Leases | ​ | Leases
Fiscal year ending: |  | ​ |  |  | ​ |
2025 (remaining three months) | ​ | $ | 56 | ​ | $ | —
2026 | ​ |  | 226 | ​ |  | —
2027 | ​ |  | 233 | ​ |  | —
2028 | ​ |  | 240 | ​ |  | —
2029 | ​ |  | 184 | ​ |  | —
Total future minimum payments | ​ |  | 939 | ​ |  | —
Less imputed interest | ​ |  | (177) | ​ |  | —
Present value of lease liabilities | ​ | $ | 762 | ​ | $ | —
​ Licensing and Sponsored Research Agreements Under a license agreement with The Trustees of the University of Pennsylvania (Penn), entered into in November 2017, the Company is required to make annual payments of $25,000. Penn is eligible to receive up to $10.9 million per product in development upon the achievement of certain clinical, regulatory and commercial milestone events. There are additional milestone payments required to be paid of up to $30.0 million per product in commercial milestones and up to an additional $1.7 million in development and regulatory milestone payments for the first CAR-M product directed to mesothelin. Additionally, the Company is obligated to pay Penn single-digit royalties based on its net sales. Contingencies Liabilities for loss contingencies, arising from claims, assessments, litigation, fines, penalties, and other sources are recorded when it is probable that a liability has been incurred and the amount of the assessment and/or remediation can be reasonably estimated. As of September 30, 2025, the Company was in negotiations with a vendor to determine the total costs owed for research and development services provided. While the negotiations are ongoing, the Company believes a liability is probable. The Company has estimated the amount to be owed to be $1.9 million, all of which is included within accounts payable on the accompanying consolidated balance sheets. The final amount owed may differ from the estimate as negotiations progress. The Company will continue to evaluate the matter and will adjust the liability as necessary based on any new information or agreements reached with the vendor.

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