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LEASES
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
LEASES
NOTE 9. LEASES
On January 1, 2025, the Company relocated its corporate headquarters to 225 Wyman Street, Waltham, Massachusetts. A copy of the lease is filed as Exhibit 10.30 to our Annual Report on Form 10-K for the year ended December 31, 2024.
Expense
Three Months Ended
March 31,
(in thousands)20252024
Fixed lease costs$3,776 $4,262 
Short-term lease costs487 543 
Variable lease costs1,750 1,609 
$6,013 $6,414 
Right of use assets and lease liabilities
(in thousands)March 31, 2025December 31, 2024
Right of use assets (1)
$60,014 $62,429 
Operating lease liabilities (2)
$14,149 $14,551 
Long-term operating lease liabilities$65,117 $67,647 
(1) Included in other long-term assets.
(2) Included in other current liabilities.
Weighted-average remaining lease term and discount rate for the Company’s leases were:
March 31, 2025December 31, 2024
Weighted-average remaining lease term6.1 years6.2 years
Weighted-average discount rate (1)
4.8 %4.8 %
(1) The rates implicit in the Company’s leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the lease term in a similar economic environment.
Maturities of lease liabilities:
(in thousands)March 31, 2025
Remainder of 2025$13,689 
202615,589 
202714,104 
202813,479 
202910,813 
20309,216 
Thereafter14,450 
Total lease payments91,340 
Less: imputed interest (1)
(12,074)
$79,266 
(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated due to a lease reassessment event.
Cash flow information
Three Months Ended
March 31,
(in thousands)20252024
Cash paid for operating leases, net of tenant improvement allowances$4,581 $5,069 
Right of use assets recognized for new leases and amendments (non-cash)$— $1,095