Operating Leases

3 Months Ended

Mar. 31, 2024

Leases [Abstract]

Operating Leases

Operating Leases

The Company has commitments under operating leases for office, laboratory, and future manufacturing space in Malvern, Pennsylvania. The Company's corporate headquarters lease has an initial term of approximately seven years and includes options to extend the lease for up to 10 years. The Company's current GMP facility lease has an initial term of seven years and

includes an option to extend the lease for up to five years, which the Company has elected to account for since it is reasonably certain that the Company will exercise such option.

The Company's future minimum base rent payments are approximately as follows (in thousands):

For the years ending December 31,	Amount
Remainder of 2024	$	591
2025	810
2026	834
2027	858
2028	884
2029	714
Thereafter	$	978
Total	$	5,669
Less: present value adjustment	(1,666)
Present value of minimum lease payments	$	4,003