Leases (Tables)

12 Months Ended

Dec. 31, 2024

Leases [Abstract]

Summary of Lease Assets and Liabilities

The following table summarizes the lease assets and liabilities as of December 31, 2024 and 2023 (in thousands):

	As of December 31,
	2024		2023
Assets
Operating lease assets	$	143,461	$	153,993
Total lease assets		143,461		153,993
Liabilities
Current
Operating lease liabilities		17,288		15,625
Non-current
Operating lease liabilities, net of current portion		206,405		223,007
Total lease liabilities	$	223,693	$	238,632

Summary of Operating Lease Costs Included in Research and Development and General and Administrative Expense, as well as Sublease Income

The following table summarizes operating lease costs included in research and development and general and administrative expense, as well as sublease income for the years ended December 31, 2024, 2023 and 2022 (in thousands):

	Years Ended December 31,
	2024			2023			2022
Operating lease costs	$	24,417		$	25,870		$	34,896
Short-term lease costs		40			—			824
Variable lease costs		12,364			14,387			11,882
Sublease income		(573	)		(137	)		—
Net lease cost	$	36,248		$	40,120		$	47,602

Summary of Maturity of Undiscounted Payments Due under Lease Liabilities and Present Value of Those Liabilities

The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of December 31, 2024 (in thousands):

	Total
2025		29,416
2026		29,468
2027		28,704
2028		28,158
2029		27,314
Thereafter		151,570
Total	$	294,630
Present value adjustment		(70,937	)
Present value of lease liabilities	$	223,693

Summary of Lease Term and Discount Rate

The following table summarizes the lease term (in years) and discount rate for operating leases as of December 31, 2024 and 2023:

	As of December 31,
	2024			2023
Weighted-average remaining lease term		9.8			10.8
Weighted-average discount rate		5.9	%		5.9	%

Lessee, Operating Lease Cash Flow Payments

The following table summarizes the cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2024, 2023 and 2022 (in thousands):

	Years Ended December 31,
	2024			2023			2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows used in operating leases	$	(28,949	)	$	(27,310	)	$	(17,004	)
Operating lease non-cash items:
Right-of-use assets increased through lease modifications and reassessments		525			2,660			1,208
Right-of-use assets obtained in exchange for operating lease liabilities		243			7,552			—
Leasehold improvements paid directly by landlord		—			—			19,252