Leases

12 Months Ended

Dec. 31, 2024

Leases

Leases

8. Leases

The Company currently leases approximately 39,000 square feet of office and laboratory space in Bothell, Washington, including 15,000 square feet of space that was added in May 2024 and 10,000 square feet of space that was added in December 2024 under amended lease agreements. In December 2024, the Company was granted a one-time tenant improvement allowance of $3.5 million which was considered payable by the lessor at the commencement date. The Bothell lease also includes an expansion option to lease approximately 13,000 additional square feet of office and laboratory space with a $4.7 million tenant improvement allowance. 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 leases approximately 11,000 square feet of office and laboratory space in Exton, Pennsylvania. The Exton lease expires on March 31, 2025.

Supplemental balance sheet information related to leases was as follows (in thousands):

	December 31,
		2024		2023
Operating leases:
Operating lease right-of-use assets	$	4,278	$	1,564
Operating lease liabilities, current portion	$	63	$	310
Operating lease liabilities, net of current portion		4,769		1,340
Total operating lease liabilities	$	4,832	$	1,650

Operating lease liabilities, current portion is included in accrued expenses and other current liabilities in the accompanying consolidated balance sheets.

The Company recorded operating lease expense of $0.8 million and $0.3 million for the years ended December 31, 2024 and 2023, 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 did not incur significant variable lease costs for the years ended December 31, 2024 and 2023.

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

	December 31,
		2024	2023
Weighted-average remaining lease term (in years)		8.15	4.81
Weighted-average discount rate		9.5%	8.3%

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

	Year Ended December 31,
	2024		2023
Cash paid for operating lease liabilities	$	337	$	246

The Company’s future minimum lease payments were as follows as of December 31, 2024 (in thousands):

Years ending December 31,	Amount
2025	$	929
2026		1,304
2027		1,577
2028		1,616
2029 and thereafter		7,333
Total lease payments		12,759
Less: imputed interest		(4,202)
Less: tenant improvement allowance not yet received		(3,725)
Present value of operating lease liabilities	$	4,832