Leases

12 Months Ended

Dec. 31, 2025

Leases [Abstract]

Leases

Leases

The Company has various operating lease arrangements for office and laboratory spaces located in California and Switzerland with contractual lease periods expiring at various dates through 2035. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain lease agreements also provide the Company with the option to renew for five years or the option to terminate the lease early. These options are not considered in the lease term unless it is reasonably certain that the Company will exercise such options, upon which the ROU assets and lease liabilities are remeasured. Throughout the term of the lease agreements, the Company is responsible for paying certain operating costs, in addition to rent, such as common area maintenance, taxes, utilities and insurance. These additional charges are considered variable lease costs and are recognized in the period in which the costs are incurred. The discount rate used to determine the present value of the lease payments is our estimated collateralized incremental borrowing rate, based on the yield curve for the respective lease terms, as we generally cannot determine the interest rate implicit in the leases.

The following table contains a summary of the lease costs recognized under ASC 842 and additional information related to operating leases (in thousands, except weighted average amounts):

	Years Ended December 31,
	2025		2024		2023
Operating lease cost	$	10,444	$	11,446	$	13,934
Variable lease cost	8,007		10,306		10,996
Total lease cost	$	18,451	$	21,752	$	24,930
Other Information
Weighted average remaining lease term (in years)	8.1		9.0		8.9
Weighted average incremental borrowing rate (%)	5.4		5.2		5.1
Cash paid for amounts included in the measurement of operating lease liabilities	$	13,603	$	28,566	$	19,584

The maturity of the Company’s operating lease liabilities as of December 31, 2025 was as follows (in thousands):

	Amounts
2026	$	13,792
2027	14,079
2028	14,432
2029	14,702
2030	15,071
Thereafter	49,321
Total lease payments	121,397
Less: imputed interest	(23,545)
Present value of operating lease liabilities	$	97,852

The following amounts were recorded in the consolidated balance sheets as of December 31, 2025 and 2024 (in thousands) for various operating leases:

	December 31,
	2025		2024
Operating ROU assets	$	62,099	$	59,680
Accrued and other liabilities	$	8,798	$	7,752
Operating lease liabilities, noncurrent	89,054		90,139
Total operating lease liabilities	$	97,852	$	97,891