Leases

6 Months Ended

Jun. 30, 2025

LEASES

The Company has entered into various non-cancelable operating lease agreements, primarily for the rent of office and lab space, with expirations at various dates through 2032. Lease cost is recognized on a straight-line basis over the lease term. Variable lease costs, which include items such as real estate taxes, common area maintenance, utilities, and storage are not included in the calculation of the right-of-use assets and are recognized as incurred.

The components of total lease costs for the three and six months ended June 30, 2025 and 2024 are as follows (in thousands):


	Three Months Ended June 30,						Six Months Ended June 30,
	2025			2024			2025			2024
Operating lease cost	$	2,484		$	1,578		$	4,573		$	3,252
Variable lease cost		1,953			1,475			3,598			2,883
Short-term lease costs		219			190			644			361
Sublease income		(45	)		(22	)		(89	)		(45	)
Total lease costs	$	4,611		$	3,221		$	8,726		$	6,451

Lease term and discount rate as of June 30, 2025 and December 31, 2024 are as follows:

As of June 30, 2025, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):


	Operating Leases
7/1/2025 - 12/31/2025	$	6,583
2026		11,622
2027		11,839
2028		12,305
2029		8,901
2030		6,435
Thereafter		7,348
Total minimum lease payments		65,033
Less: Amount representing interest		9,786
Present value of net minimum lease payments		55,247
Less: Current portion of lease liabilities		9,381
Total long-term lease liabilities	$	45,866

June 30, 2025

December 31, 2024

Weighted-average remaining lease term (in years)

Operating leases

Weighted-average discount rate

Operating leases