Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

7. Leases

The Company leases real estate, including laboratory, manufacturing and office space, and certain equipment. The Company’s two real estate leases have remaining lease terms of approximately 2.5 years and 3.5 years, respectively. The Company’s equipment leases have remaining lease terms ranging from approximately 2 to 3.5 years. All of the Company’s leases qualify as operating leases.

The lease for the Company’s 20,445 square feet of manufacturing space located at 36 Crosby Drive in Bedford, Massachusetts commenced on June 30, 2018. On October 18, 2022, the Company exercised its option to extend the lease agreement by an additional five-year term, resulting in a new expiration date of July 31, 2028. Under the terms of the existing lease, rent for the five-year extension period was based on the current fair market rent for comparable space in the building and in other similar buildings in the same rental market as of August 1, 2023, the commencement date of the additional five-year term. The Company estimated the prevailing market rental rates at the time when the Company exercised the renewal option and included these in the remeasurement of the operating lease asset and the lease liability. This resulted in an increase of the operating lease assets and operating lease liabilities of $4,284 as of the remeasurement date. As this is an estimate for variable payments that depend on an index or a rate, the Company has not remeasured the payments for the five-year renewal period as of the commencement date of the five-year extension term. On June 30, 2023, the Company and the landlord executed an amendment to this lease, formally extending the term of the lease through July 31, 2028. This lease does not include any additional renewal options.

The lease for the Company’s approximately 70,712 square feet of general office, research and development and manufacturing space located at 15 Crosby Drive in Bedford, Massachusetts commenced on February 1, 2017 and will expire on July 31, 2027. The Company has the option to extend the lease for two additional periods of five years each by delivering written notice of the exercise not earlier than fifteen months nor later than 12 months before expiration of the original term.

The lease for the Company’s approximately 30,036 square feet of office space located at 24 Crosby Drive in Bedford, Massachusetts commenced on April 18, 2019 and terminated on March 31, 2024.

Certain equipment leases include options to renew on a month-by-month basis, at the sole discretion of the Company.

Recognized lease costs were as follows:

	For the		For the		For the
	Year Ended		Year Ended		Year Ended
	December 31,		December 31,		December 31,
	2024		2023		2022
Operating lease costs	$	3,027	$	2,663	$	2,369
Variable lease costs		969		987		756
Total lease costs	$	3,996	$	3,650	$	3,125

The minimum lease payments for the next five years and thereafter are expected to be as follows:

	December 31,
Year Ending December 31,	2024
2025		2,722
2026		3,086
2027		2,179
2028		750
2029		—
Thereafter		—
Total lease payments	$	8,737
Less: interest		1,459
Present value of operating lease liabilities	$	7,278

The following table summarizes the weighted average remaining lease term and the weighted average incremental borrowing rate used to determine the operating lease liability:

	December 31,			December 31,
	2024			2023
Weighted average remaining lease term in years		3.1		4.1
Weighted average discount rate		11.85	%	12.00	%

Supplemental disclosure of cash flow information related to the Company’s operating leases included in cash flows provided by operating activities in its consolidated statements of cash flows is as follows:

	For the			For the		For the
	Year Ended			Year Ended		Year Ended
	December 31,			December 31,		December 31,
	2024			2023		2022
Cash paid for amounts included in the measurement of lease liabilities	$	3,027	$	2,663	$	2,549