Leases

6 Months Ended

Jun. 30, 2025

The Company leases office space in Mountain View, California, Santa Rosa, California, Austin, Texas,

and Tokyo, Japan.

Mountain View, California

In August 2021, the Company entered into a facility lease agreement with MV Campus Owner, LLC (the

“Landlord”) for approximately 61,000 rentable square feet in Mountain View, California through August

2030. In connection with the lease, the Company established a standby letter of credit for the benefit of

the Landlord in the amount of $4.3 million in August 2021, which is classified as non-current restricted

cash on the condensed consolidated balance sheets as of June 30, 2025 and December 31, 2024.

Santa Rosa, California

In October 2024, the Company entered into an agreement to sublease approximately 4,000 rentable

square feet of office space in Santa Rosa, California for 29 months commencing on November 1, 2024. In

connection with this sublease, the Company paid a security deposit of $8,000 and recorded an ROU

asset and lease liability of $169,000.

Austin, Texas

In January 2023, the Company amended its facility lease agreement in Austin, Texas, which provides for

approximately 26,000 square feet of space, to extend the lease term which expired in November 2023

with a five-year renewal option to December 2025 with no renewal option. In June 2025, the Company

amended the lease for its Austin, Texas facility to extend the lease term an additional 12 months through

December 2026 and recorded an ROU asset and lease liability of $561,000 in connection with the lease

extension. A security deposit of $150,000 was recorded as non-current restricted cash as of June 30,

2025 and as current restricted cash as of December 31, 2024, on the condensed consolidated balance

sheets related to this lease.

Tokyo, Japan

The Company has one non-cancellable operating lease for its facility in Tokyo, Japan, which was set to

expire in November 2024. In April 2024, the Company entered into an agreement to extend the lease for

an additional three years through November 2027. In connection with the new lease agreement, the

Company recorded an ROU asset and lease liability of $420,000.

Operating lease cost consisted of the following (in thousands):

Cash paid for amounts included in the measurement of operating lease liabilities was $1.4 million and

$1.3 million during the three months ended June 30, 2025 and 2024, respectively, and $2.8 million and

$2.5 million, during the six months ended June 30, 2025 and 2024, respectively.

The following table summarizes the maturities of the aggregate lease payments under the Company’s

operating lease liabilities as of June 30, 2025 (in thousands):


		June 30,
		2025
Operating Leases:
2025 ................................................................................................................................................		$2,832
2026 ................................................................................................................................................		5,803
2027		5,190
2028 ................................................................................................................................................		5,155
2029 ................................................................................................................................................		5,309
Thereafter .......................................................................................................................................		3,645
Total minimum lease payments ..................................................................................................		27,934
Less: Amount of lease payments representing interest .....................................................		5,207
Present value of future minimum lease payments ..................................................................		$22,727
Less: current portion ................................................................................................................		5,492
Operating lease liabilities, net of current portion ......................................................................		$17,235

The following table summarizes additional information related to the Company’s operating leases (in

thousands, except weighted-average data):


	June 30,	December 31,
	2025	2024
Right-of-use assets .................................................................................	$17,894	$18,805
Weighted-average remaining lease term (years) ...............................	5.0	5.5
Weighted-average discount rate ...........................................................	9.1%	9.0%