Leases

3 Months Ended

Mar. 31, 2025

Leases

Leases

9. Leases

Operating Leases

Agreements for Office and Laboratory Space

In May 2023, the Company entered into a lease agreement pursuant to which it leases 11,564 square feet of office space for its headquarters in Wayne, Pennsylvania. The lease commenced in November 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 May 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. The Company exercised its option to terminate the leasing of the additional space effective as of June 30, 2024.

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

	March 31,		December 31,
(In thousands)	2025		2024
Operating Leases:
Gross cost	$	4,530	$	4,530
Accumulated amortization		(1,823)		(1,688)
Other assets	$	2,707	$	2,842
Current portion of lease liabilities	$	498	$	481
Other liabilities		1,986		2,117
Total operating lease liabilities	$	2,484	$	2,598

Amortization expense related to operating lease right-of-use assets and accretion of operating lease liabilities totaled $0.1 million for each of the three months ended March 31, 2025 and 2024.