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Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases
Operating Leases
We lease office space in Friendswood, Texas (the “Friendswood Lease”) which previously served as our corporate headquarters before moving in January 2026. The Friendswood Lease commenced in late 2020 under a 60-month term and, under a subsequent amendment, now expires in March 2026.
We lease two facilities in Phoenix, Arizona for laboratory and office space under two agreements with terms expiring in July 2033 and February 2034, respectively. Each contract provides two five-year renewal options.
We lease general office and laboratory facilities in Pittsburgh Pennsylvania (the “Pittsburgh Lease”). The Pittsburgh Lease commenced in April 2023 under a term of 10.5 years, and with a five-year renewal option and an early termination clause. The lease was originally executed in April 2022.
We lease general office and laboratory facilities in Scottsdale, Arizona (the “Scottsdale Lease”). On May 14, 2025, we entered into a lease agreement (the “Scottsdale Commencement Date”) with Perimeter Gateway Portfolio, LLC (the “Lessor”) for approximately 55,573 square feet. The Scottsdale Lease has a term of 143 months that will expire in April 2037, and provides a right of refusal to lease any additional adjacent space that may become available. The Scottsdale Lease includes two optional five-year term extensions, and a one-time option to terminate the lease on the last day of the 96th month following the Scottsdale Commencement Date, subject to certain conditions, in exchange for early termination fee. The fee would equal the unamortized balance of commissions paid to the Lessor’s broker and our broker, plus the amortized balance of hard and soft costs incurred by the Lessor in connection with the tenant improvement allowance. The Scottsdale Lease also provides for $7.2 million in lease incentives in form of Lessor-paid improvements. Rent for the first twelve months is abated, totaling $1.8 million, with any unamortized amounts becoming payable in the event of a default under the lease.
We have not included the optional renewal periods in the measurement of the lease obligations because it is not reasonably certain that we will exercise these renewal options.
Our other operating leases primarily consist of office equipment.
Finance Lease
We lease office printers and other office equipment (the “Finance Leases”) for use across our facilities, which expire in 2029. Certain of our Finance Leases contain automatic one year extensions that become effective unless we provide advanced notice of our intent not to extend the term. In 2025, we received a cash lease incentive of $0.2 million for certain Finance Leases. There were no cash lease incentives received in 2024 or 2023.
Discount Rates
We discount our lease obligations using our incremental borrowing rate as of the lease commencement date or, for lease modifications, as of the effective date of the modification. The incremental borrowing rate represents the rate of interest we would expect to pay to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. Beginning March 26, 2024, we had outstanding borrowings under the 2024 LSA and used the interest rate on those borrowings to determine our incremental borrowing rate for lease measurement. We then adjust our incremental borrowing rate for the economic environment, collateral and other information available at the lease commencement date to develop a discount rate appropriate for each lease. Prior to having outstanding borrowings under the 2024 LSA, we primarily considered industry data, our credit rating and the lease term to determine our incremental borrowing rate.
Lease Balances and Costs
Lease balances reflected in the consolidated balance sheets were as follows (in thousands):
As of December 31,
Lease BalanceClassification20252024
Lease Assets
OperatingOperating lease assets$14,795 $11,584 
FinanceProperty and equipment, net$251 $222 
Lease Liabilities
Current
OperatingOperating lease liabilities$1,325 $1,665 
FinanceOther accrued and current liabilities$102 $101 
Noncurrent
OperatingNoncurrent operating lease liabilities$25,217 $14,345 
FinanceNoncurrent finance lease liabilities$314 $311 
Lease costs included in the consolidated statements of operations were as follows (in thousands):
Years Ended December 31,
202520242023
Operating lease cost(1)
$3,980 $2,933 $2,625 
Finance lease cost
Amortization of lease assets91 87 141 
Interest on finance lease liabilities37 23 11 
Short-term lease cost26 6 108 
Total lease cost$4,134 $3,049 $2,885 
(1)    Includes variable lease cost of $0.7 million, $0.4 million and $0.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Other Information
Supplemental cash flow information for lease activities included in the consolidated statements of cash flows were as follows (in thousands):
Years Ended December 31,
 202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$3,150 $2,657 $1,723 
Operating cash flows from interest paid on finance leases$37 $20 $11 
Financing cash flows from finance leases    $115 $97 $142 
The weighted-average remaining lease term and weighted-average discount rates used were as follows:
As of December 31,
 20252024
Weighted-average remaining lease term (years)
Operating leases9.48.5
Finance leases3.84.5
Weighted-average discount rate
Operating leases8.2 %8.4 %
Finance leases8.2 %8.4 %
Future maturities for operating lease and finance lease liabilities as of December 31, 2025 were as follows (in thousands):
Operating LeasesFinance Leases
Years Ending December 31,
2026$2,503 $129 
20273,629 129 
20284,303 129 
20294,396 97 
20304,489 — 
Thereafter20,104 — 
Total lease payments39,424 484 
Less: Interest component(12,882)(68)
Present value of lease payments$26,542 $416 
Undiscounted future lease payments for leases that had not yet commenced as of December 31, 2025 was zero.
Leases Leases
Operating Leases
We lease office space in Friendswood, Texas (the “Friendswood Lease”) which previously served as our corporate headquarters before moving in January 2026. The Friendswood Lease commenced in late 2020 under a 60-month term and, under a subsequent amendment, now expires in March 2026.
We lease two facilities in Phoenix, Arizona for laboratory and office space under two agreements with terms expiring in July 2033 and February 2034, respectively. Each contract provides two five-year renewal options.
We lease general office and laboratory facilities in Pittsburgh Pennsylvania (the “Pittsburgh Lease”). The Pittsburgh Lease commenced in April 2023 under a term of 10.5 years, and with a five-year renewal option and an early termination clause. The lease was originally executed in April 2022.
We lease general office and laboratory facilities in Scottsdale, Arizona (the “Scottsdale Lease”). On May 14, 2025, we entered into a lease agreement (the “Scottsdale Commencement Date”) with Perimeter Gateway Portfolio, LLC (the “Lessor”) for approximately 55,573 square feet. The Scottsdale Lease has a term of 143 months that will expire in April 2037, and provides a right of refusal to lease any additional adjacent space that may become available. The Scottsdale Lease includes two optional five-year term extensions, and a one-time option to terminate the lease on the last day of the 96th month following the Scottsdale Commencement Date, subject to certain conditions, in exchange for early termination fee. The fee would equal the unamortized balance of commissions paid to the Lessor’s broker and our broker, plus the amortized balance of hard and soft costs incurred by the Lessor in connection with the tenant improvement allowance. The Scottsdale Lease also provides for $7.2 million in lease incentives in form of Lessor-paid improvements. Rent for the first twelve months is abated, totaling $1.8 million, with any unamortized amounts becoming payable in the event of a default under the lease.
We have not included the optional renewal periods in the measurement of the lease obligations because it is not reasonably certain that we will exercise these renewal options.
Our other operating leases primarily consist of office equipment.
Finance Lease
We lease office printers and other office equipment (the “Finance Leases”) for use across our facilities, which expire in 2029. Certain of our Finance Leases contain automatic one year extensions that become effective unless we provide advanced notice of our intent not to extend the term. In 2025, we received a cash lease incentive of $0.2 million for certain Finance Leases. There were no cash lease incentives received in 2024 or 2023.
Discount Rates
We discount our lease obligations using our incremental borrowing rate as of the lease commencement date or, for lease modifications, as of the effective date of the modification. The incremental borrowing rate represents the rate of interest we would expect to pay to borrow on a collateralized basis over a similar term in an amount equal to the lease payments in a similar economic environment. Beginning March 26, 2024, we had outstanding borrowings under the 2024 LSA and used the interest rate on those borrowings to determine our incremental borrowing rate for lease measurement. We then adjust our incremental borrowing rate for the economic environment, collateral and other information available at the lease commencement date to develop a discount rate appropriate for each lease. Prior to having outstanding borrowings under the 2024 LSA, we primarily considered industry data, our credit rating and the lease term to determine our incremental borrowing rate.
Lease Balances and Costs
Lease balances reflected in the consolidated balance sheets were as follows (in thousands):
As of December 31,
Lease BalanceClassification20252024
Lease Assets
OperatingOperating lease assets$14,795 $11,584 
FinanceProperty and equipment, net$251 $222 
Lease Liabilities
Current
OperatingOperating lease liabilities$1,325 $1,665 
FinanceOther accrued and current liabilities$102 $101 
Noncurrent
OperatingNoncurrent operating lease liabilities$25,217 $14,345 
FinanceNoncurrent finance lease liabilities$314 $311 
Lease costs included in the consolidated statements of operations were as follows (in thousands):
Years Ended December 31,
202520242023
Operating lease cost(1)
$3,980 $2,933 $2,625 
Finance lease cost
Amortization of lease assets91 87 141 
Interest on finance lease liabilities37 23 11 
Short-term lease cost26 6 108 
Total lease cost$4,134 $3,049 $2,885 
(1)    Includes variable lease cost of $0.7 million, $0.4 million and $0.3 million for the years ended December 31, 2025, 2024 and 2023, respectively.
Other Information
Supplemental cash flow information for lease activities included in the consolidated statements of cash flows were as follows (in thousands):
Years Ended December 31,
 202520242023
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases$3,150 $2,657 $1,723 
Operating cash flows from interest paid on finance leases$37 $20 $11 
Financing cash flows from finance leases    $115 $97 $142 
The weighted-average remaining lease term and weighted-average discount rates used were as follows:
As of December 31,
 20252024
Weighted-average remaining lease term (years)
Operating leases9.48.5
Finance leases3.84.5
Weighted-average discount rate
Operating leases8.2 %8.4 %
Finance leases8.2 %8.4 %
Future maturities for operating lease and finance lease liabilities as of December 31, 2025 were as follows (in thousands):
Operating LeasesFinance Leases
Years Ending December 31,
2026$2,503 $129 
20273,629 129 
20284,303 129 
20294,396 97 
20304,489 — 
Thereafter20,104 — 
Total lease payments39,424 484 
Less: Interest component(12,882)(68)
Present value of lease payments$26,542 $416 
Undiscounted future lease payments for leases that had not yet commenced as of December 31, 2025 was zero.