Leases

6 Months Ended

Jun. 30, 2025

8. Leases

The Company currently leases approximately 53,000 square feet of office and laboratory space in Bothell, Washington, including 13,000 square feet of space that was added in June 2025 under amended lease agreements. As part of the amended lease agreements, the Company has the right to receive tenant improvement allowances in the aggregate of up to $9.3 million for leasehold improvements, which are accounted for as lease incentives. The Bothell lease expires on March 31, 2033, and includes two five-year renewal options that are not included in the lease term as it is not reasonably certain that they will be exercised.

The Company also leased approximately 11,000 square feet of office and laboratory space in Exton, Pennsylvania. The Exton lease expired on March 31, 2025.

The Company recorded operating lease expense of $0.3 million and $0.6 million for the three and six months ended June 30, 2025, respectively, and $0.2 million and $0.3 million for the three and six months ended June 30, 2024, respectively. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. The Company incurred variable lease costs of $0.1 million and $0.2 million for the three and six months ended June 30, 2025, respectively. The Company did not incur significant variable lease costs for the three and six months ended June 30, 2024.

Other information related to the Company’s operating leases was as follows:


	June 30, 2025			December 31, 2024
Weighted-average remaining lease term (in years)		7.75			8.15
Weighted-average discount rate		8.7	%		9.5	%

Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):


	Six Months Ended June 30,
	2025		2024
Cash paid for operating lease liabilities	$	245	$	154

The Company’s future minimum lease payments were as follows as of June 30, 2025 (in thousands):


Years ending December 31,	Amount
2025 (represents remaining six months in 2025)	$	460
2026		1,468
2027		2,330
2028		2,383
2029 and thereafter		10,749
Total lease payments		17,390
Less: imputed interest		(3,910	)
Less: tenant improvement allowance not yet received		(9,338	)
Present value of operating lease liabilities	$	4,142