Leases

3 Months Ended

Mar. 31, 2024

Leases

Leases

9. Leases

Operating Leases

Agreements for Office and Laboratory Space

The Company had a sublease agreement pursuant to which it subleased 33,019 square feet of office space for its headquarters in Wayne, Pennsylvania, which expired on October 31, 2023.

In May 2023, the Company entered into a new lease agreement pursuant to which it leases 11,564 square feet of office space for its headquarters in Wayne, Pennsylvania. The lease commenced on November 1, 2023 and has a term that runs through February 2029.

In February 2019, the Company entered into a sublease agreement for 20,433 square feet of office and laboratory space in St. Louis, Missouri. The lease commenced in June 2019 and has a term that runs through June 2029. In January 2023, the Company amended the sublease agreement to add an additional 6,261 square feet of office and laboratory space effective February 2023, which term runs concurrently with the existing term.

Supplemental balance sheet information related to operating leases is as follows:  

	March 31,		December 31,
(In thousands)	2024		2023
Operating Leases:
Gross cost	$	5,094	$	5,094
Accumulated amortization		(1,378)		(1,235)
Other assets	$	3,716	$	3,859
Current portion of lease liabilities	$	503	$	426
Other liabilities		2,971		3,074
Total operating lease liabilities	$	3,474	$	3,500

Amortization expense related to operating lease right-of-use assets and accretion of operating lease liabilities totaled $0.1 million and $0.3 million for the three months ended March 31, 2024 and 2023, respectively.