Leases

9 Months Ended

Sep. 30, 2025

LEASES

As a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end in September 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of September 30, 2025 and December 31, 2024, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease.

The components of lease expense and supplemental information were as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2025		2024		2025		2024
Operating lease costs	$	959	$	1,025	$	2,877	$	3,101
Variable lease costs		229		298		693		761
Short-term lease costs		26		14		122		26
Total lease costs	$	1,214	$	1,337	$	3,692	$	3,888


	Nine Months Ended September 30,
	2025			2024
Weighted-average remaining lease term (in years)		7.0			8.0
Weighted-average incremental borrowing rate		6.2	%		6.2	%

Variable lease costs primarily consist of common area maintenance.

Supplemental cash flow information related to leases is as follows (in thousands):


	Nine Months Ended September 30,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities	$	2,878	$	3,029

As of September 30, 2025, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows (in thousands):


Years ending December 31,
2025 (remaining three months)	$	968
2026		3,957
2027		4,072
2028		4,191
2029		4,312
Thereafter		12,562
Total undiscounted future minimum lease payments		30,062
Present value adjustment for minimum lease commitments		(5,813	)
Total operating lease liabilities	$	24,249