Leases

6 Months Ended

Jun. 30, 2025

Leases [Abstract]

Leases

Leases

The Company has operating leases in various locations. The Company’s lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms for all leases.

On December 16, 2024, the Company entered into a lease agreement with a lessor to lease approximately 154,231 square feet of office space for its new headquarters located in San Jose, California. The lease has a term of approximately 7.5 years and commenced in June 2025. The Company has the option to extend the lease for up to two consecutive terms of 60 months each, subject to the terms therein. The option to renew the term was not included for purposes of determining the right-of-use asset (“ROU”) and associated lease liabilities as the Company determined that the renewal of the lease is not reasonably certain to be exercised as of the lease commencement date.

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):

	As of
	June 30, 2025		December 31, 2024
Assets
Operating lease ROU assets, net	$	22,601	$	2,983
Liabilities
Operating lease liabilities, current	$	4,666	$	1,286
Operating lease liabilities, noncurrent	27,640		1,788
Total lease liabilities	$	32,306	$	3,074

Operating lease ROU assets, net are included in other assets; operating lease liabilities, current are included in accrued expenses and other current liabilities; and operating lease liabilities, non-current are included in other liabilities, on the condensed consolidated balance sheets.

The weighted-average remaining lease term and discount rates were as follows:

	June 30, 2025		December 31, 2024
Weighted average remaining lease term (in years)	6.9		3.2
Weighted average discount rate	7.1	%	11.1	%

The future minimum operating lease payments for each of the next five years and thereafter are as follows (in thousands):

Years ending December 31	Operating Leases
Remainder of 2025	$	3,552
2026	6,092
2027	5,769
2028	5,755
2029	5,815
Thereafter	13,723
Total future minimum lease payments	40,706
Less: Imputed interest	(8,400)
Total operating lease liabilities	$	32,306