The Company leases two facilities at 880 Winter Street and 830 Winter Street in Waltham, Massachusetts. Each lease has specified terms and includes renewal options. Given uncertainty as to the Company's intentions with respect to these leases, the renewal options were not deemed reasonably certain.

On November 8, 2023, the Company entered into a lease amendment extending the expiration date of the 830 Winter Street Lease from September 30, 2024 to October 31, 2029 and provides for one option to renew the 830 Winter Street Lease for a five-year period commencing on November 1, 2029, resulting in an increase in the lease liability of $6.2 million.

The following table summarizes the presentation in the Company's consolidated balance sheets of its operating leases (in thousands):


	As of December 31,
	2024		2023
Assets:
Operating lease assets	$	64,357	$	63,492

Liabilities:
Operating lease liabilities, current		4,570		3,246
Operating lease liabilities, net of current portion		60,739		59,140
Total operating lease liabilities	$	65,309	$	62,386

The following table summarizes the effect of lease costs in the Company's consolidated statement of operations (in thousands):


	Years Ended December 31,
	2024		2023
Operating lease costs	$	11,564	$	10,626
Short-term lease costs		-		44
Variable lease costs		3,408		5,120
Total lease costs	$	14,972	$	15,790

During the years ended December 31, 2024 and 2023, the Company made cash payments for operating leases of $9.8 million and $9.4 million, respectively.

As of December 31, 2024, future payments of operating lease liabilities are as follows (in thousands):


	As of December 31, 2024
2025	$	10,089
2026		12,958
2027		13,329
2028		13,712
2029 and thereafter		43,994
Total future payments of operating lease liabilities		94,082
Less: imputed interest		(28,773	)
Present value of operating lease liabilities	$	65,309

As of December 31, 2024, the weighted average remaining lease term was 7.3 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 10.0%. As of December 31, 2023, the weighted average remaining lease term was 8.6 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 10.3%.

The Company obtained the worldwide exclusive license to its foundational technology from The Brigham and Women’s Hospital, Inc. (or BWH). The license, as amended, grants worldwide exclusive use to the patent underlying the TargetScan technology in exchange for fees including development milestones and various royalties on product sales should they occur in the future.

In June 2018, the Company amended and restated an existing royalty agreement with one of its founders. Under the amended and restated royalty agreement, the Company agreed to pay the founder an aggregate royalty of 1% of net sales of any product sold by the Company or by any of its direct or indirect licensees for use in the treatment of any disease or disorder covered by a pending patent application or issued patent held or controlled by the Company as of the last date that the founder was providing services to the Company as a director or consultant under a written agreement in perpetuity. Royalties are payable with respect to each applicable product for a defined period of time set forth in the royalty agreement. The founder assigned his rights and obligations under the royalty agreement to one of his affiliated entities in January 2021.