Commitments and Contingencies (Tables)

6 Months Ended

Jun. 30, 2024

Commitments and Contingencies Disclosure [Abstract]

Schedule of Additional Information Related to Operating Leases

The following table contains additional information related to the Company’s operating leases:

Location	Use	Approximate Square Footage	Commencement Dates	Expiration Dates
Seattle, WA	Office/Laboratory	48,000	March 2019 to September 2020	December 2026 to April 2028
Cambridge, MA	Office/Laboratory	56,000	March 2019 to January 2020	June 2027 to February 2028
South San Francisco, CA	Office/Laboratory	99,000	December 2019 to April 2022	April 2030
Rochester, NY	Office/Laboratory	3,000	January 2022	January 2025
Bothell, WA	Office/Laboratory/Manufacturing	80,000	January 2023	January 2039

Summary of Lease Costs

The following table summarizes the Company’s lease costs:

	Three Months Ended June 30,				Six Months Ended June 30,
	2024		2023		2024		2023
	(in thousands)
Operating lease cost	$	4,469	$	6,981	$	9,088	$	14,042
Short-term lease cost		1,189		-		2,551		-
Variable lease cost		2,088		1,929		4,102		3,911
Total lease cost	$	7,746	$	8,910	$	15,741	$	17,953

Reconciliation of Undiscounted Operating Lease Cash Flows by Fiscal Year to Present Value of Operating Lease Liabilities

The following table reconciles the Company’s undiscounted operating lease cash flows by fiscal year to the present value of the operating lease liabilities as of June 30, 2024 (in thousands):

2024 (remaining 6 months)	$	8,863
2025		21,768
2026		22,472
2027		19,899
2028		15,226
2029 and thereafter		93,495
Total undiscounted lease payments		181,723
Less: imputed interest		(83,001	)
Less: tenant improvement allowances		(165	)
Present value of operating lease liabilities		98,557
Less: current portion of operating lease liabilities	$	(9,998	)
Operating lease liabilities, net of current portion	$	88,559