8. Leases

Between October 2023 and June 2025, the Company entered into, and amended, facilities leases for approximately 53,000 square feet of office and laboratory space in Bothell, Washington. The amended lease agreements included tenant improvement allowances in the aggregate of up to $9.3 million, of which $2.5 million remains available as of September 30, 2026. These allowances 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.

In April 2026, the Company entered into an additional lease for approximately 16,000 square feet of office space in Bothell, Washington. The lease expires on August 31, 2031 and includes one five-year renewal option that is not included in the lease term as it is not reasonably certain that it will be exercised.

The Company recorded operating lease expense of $0.4 million and $0.9 million for the three and nine months ended September 30, 2026, respectively, and $0.2 million and $0.8 million for the three and nine months ended September 30, 2025, 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 $0.4 million for the three and nine months ended September 30, 2026, respectively, and $0.1 million and $0.3 million for the three and nine months ended September 30, 2025, respectively.

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



	September 30, 2026			December 31, 2025
Weighted-average remaining lease term (in years)		6.31			7.25
Weighted-average discount rate		8.8	%		8.7	%

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


	Nine Months Ended September 30,
	2026			2025
Cash paid for operating lease liabilities	$	1,031		$	462
Tenant improvement reimbursement received		(6,805	)		—
	$	(5,774	)	$	462

The Company’s future minimum lease payments were as follows as of September 30, 2026 (in thousands):


Years ending December 31,	Amount
2026 (represents remaining three months in 2026)	$	526
2027		2,659
2028		2,720
2029		2,782
2030		2,846
2031 and thereafter		6,054
Total lease payments		17,587
Less: imputed interest		(3,687	)
Less: tenant improvement allowance not yet received		(2,515	)
Present value of operating lease liabilities	$	11,385