Leases

3 Months Ended

Mar. 31, 2025

Leases

Leases

8. Leases

The Company currently leases approximately 39,000 square feet of office and laboratory space in Bothell, Washington. 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 leased approximately 11,000 square feet of office and laboratory space in Exton, Pennsylvania. The Exton lease expired on March 31, 2025.

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

	March 31, 2025		December 31, 2024
Operating leases:
Operating lease right-of-use assets	$	4,163	$	4,278
Operating lease liabilities, current portion	$	—	$	63
Operating lease liabilities, net of current portion		4,770		4,769
Total operating lease liabilities	$	4,770	$	4,832

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

The Company recorded operating lease expense of $0.3 million and $0.1 million for the three months ended March 31, 2025 and 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 did not incur significant variable lease costs for the three months ended March 31, 2025 and 2024.

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

	March 31, 2025		December 31, 2024
Weighted-average remaining lease term (in years)		8.00		8.15
Weighted-average discount rate		9.6%		9.5%

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

	Three Months Ended March 31,
	2025		2024
Cash paid for operating lease liabilities	$	264	$	63

The Company’s future minimum lease payments were as follows as of March 31, 2025 (in thousands):

Years ending December 31,	Amount
2025 (represents remaining nine months in 2025)	$	665
2026		1,304
2027		1,577
2028		1,616
2029 and thereafter		7,333
Total lease payments		12,495
Less: imputed interest		(4,000)
Less: tenant improvement allowance not yet received		(3,725)
Present value of operating lease liabilities	$	4,770