XML 40 R14.htm IDEA: XBRL DOCUMENT v3.25.0.1
Commitments and Contingencies
12 Months Ended
Dec. 31, 2024
Commitments and Contingencies.  
Commitments and Contingencies

8.

Commitments and Contingencies

Leases

Operating Leases

In May 2021, the Company entered into a lease for its headquarters (the “Headquarters Lease”), consisting of an operating lease agreement, as amended, for new office, laboratory, manufacturing and other space. The Headquarters Lease will expire on August 31, 2035. The Headquarters Lease agreement includes a landlord-provided tenant improvement allowance (“TIA”) of $6.3 million to offset the cost of construction of leasehold improvements. As of December 31, 2024, the Company had received all reimbursements from the TIA. The Company is obligated to pay its portion of real estate taxes and costs related to the leased premises, including costs of operations, maintenance, repair, replacement and management of the leased premises. Under the Headquarters Lease, the Company has three five-year options to extend the term of the lease. However, the Company is not reasonably certain to exercise any of these options, and therefore, these extension periods are not included in the lease term for accounting purposes. During the years ended December 31, 2024 and 2023, the Company paid $2,104 and $1,293 in rent pursuant to the Headquarters Lease, respectively.

The components of lease cost and balance sheet information for the Company’s lease portfolio were as follows:

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

​

Year ended December 31, 

​

​

2024

    

2023

Operating lease cost

​

$

1,764

​

$

1,620

Short-term lease cost

​

 

33

​

 

39

Variable lease cost

​

 

970

​

 

983

Total lease cost

​

$

2,767

​

$

2,642

​

​

​

​

​

​

​

​

​

​

​

​

​

As of December 31,

​

As of December 31,

​

 

2024

    

2023

Operating leases

​

​

​

​

​

​

Assets

​

​

​

​

​

​

Right-of-use asset - operating leases

​

$

10,766

​

$

11,241

Liabilities

​

​

​

​

​

​

Operating lease liability, current

​

$

864

​

$

774

Operating lease liabilities, net of current portion

​

 

17,170

​

 

17,969

Total operating lease liabilities

​

$

18,034

​

$

18,743

Other information

​

​

​

​

​

​

Weighted-average remaining lease term (in years)

​

​

10.7

​

​

11.7

Weighted-average incremental borrowing rate

​

​

7.0%

​

​

7.0%

​

As of December 31, 2024, maturities of lease liabilities were as follows:

​

​

​

​

​

​

    

Operating Leases

2025

​

$

2,099

2026

​

 

2,225

2027

​

​

2,281

2028

​

​

2,338

2029

​

​

2,396

2030 and thereafter

​

​

14,760

Total undiscounted lease payments

​

​

26,099

Discount factor

​

 

(8,065)

Present value of lease liabilities

​

$

18,034

​

401(k) Retirement Plan

The Company sponsors a defined-contribution 401(k) retirement plan covering eligible employees. Participating employees may voluntarily contribute up to limits provided by the Internal Revenue Code of 1986, as amended. The Company matches employee contributions equal to 50% of the salary deferral contributions, with a maximum Company contribution of 5% of the employees’ eligible compensation. In the years ended December 31, 2024 and 2023, Company matching contributions amounted to $898 and $867, respectively.