Commitments, contingencies and other liabilities

12 Months Ended

Dec. 31, 2024

Commitments, contingencies and other liabilities

Commitments, contingencies and other liabilities

8. Commitments, contingencies, and other liabilities

As of December 31, 2024, and 2023, other current and non-current liabilities consisted of the following:

	As of December 31,
	2024		2023
	(in thousands)
Other current liabilities
Operating lease liabilities	$	7,227	$	3,200
Total other current liabilities	$	7,227	$	3,200
Other non-current liabilities
Operating lease liabilities	$	36,499	$	17,094
Other		1,000		1,000
Total other non-current liabilities	$	37,499	$	18,094

Other Agreements

In 2016, the Company entered into a research and development funding arrangement with a non-profit organization that provided up to $4.0 million in funding to the Company upon the achievement of clinical and development milestones. The agreement as amended in 2022 provides that the Company is obligated to repay amounts received under certain circumstances including termination of the agreement, and to pay an amount up to 2.6 times the funding received upon successful development and commercialization of any products developed. In 2017, the Company earned a milestone payment of $1.0 million. The Company evaluated the arrangement and concluded that it represents a research and development financing arrangement as it is probable that the Company will repay amounts received under the arrangement. As a result, the $1.0 million is recorded as a non-current liability in the consolidated balance sheet.

Litigation

The Company was not a party to any material legal matters or claims and did not have contingency reserves established for any litigation liabilities as of December 31, 2024, or 2023.