Operating Leases

3 Months Ended

Mar. 31, 2025

The Company has commitments under operating leases for office, laboratory, and future manufacturing space in Malvern, Pennsylvania and other locations. 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, which the Company has not elected to account for since it is not reasonably certain that the Company will exercise such option. 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 leases four other general use facilities, within the United States and Canada, which have initial terms of two to four 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 2025	$	761
2026	995
2027	933
2028	949
2029	711
2030	318
Thereafter	$	661
Total	$	5,328
Less: present value adjustment	(1,174)
Present value of minimum lease payments	$	4,154