Operating Leases

6 Months Ended

Jun. 30, 2024

Leases [Abstract]

Operating Leases

Operating Leases

The Company has commitments under operating leases for office, laboratory, and manufacturing space in Malvern, Pennsylvania and other locations. The Company's corporate headquarters, located in Malvern, Pennsylvania, 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, located in Malvern, Pennsylvania, 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 leases two other general use facilities, within the United States, which have initial terms of two to three years and contain no option to extend.

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

For the years ending December 31,	Amount
Remainder of 2024	$	413
2025	845
2026	869
2027	867
2028	884
2029	705
Thereafter	$	978
Total	$	5,561
Less: present value adjustment	(1,554)
Present value of minimum lease payments	$	4,007