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Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
The Company’s lease portfolio is comprised of operating leases for laboratory, office and manufacturing facilities located in South San Francisco and Los Angeles, California, and Seattle and Bothell, Washington with contractual periods expiring between January 2028 and March 2031. In addition to minimum rent, the leases require payment of real estate taxes, insurance, common area maintenance charges and other executory costs. These additional charges are considered variable lease costs and are recognized in the period in which the costs are incurred.
The following table summarizes the Company’s future minimum operating lease commitments as of June 30, 2026 (in thousands):
Year Ending December 31:
2026 (remaining six months)
$6,522 
202713,341 
202813,005 
202910,398 
20309,855 
Thereafter2,333 
Total undiscounted lease payments55,454 
Less: imputed interest(8,856)
Total operating lease liabilities$46,598 
Reported as of June 30, 2026:
Short-term portion of lease liabilities (included in accrued liabilities and other current liabilities)$9,664 
Operating lease liabilities, non-current36,934 
Total$46,598 
The operating lease costs for all operating leases were $2.0 million and $2.4 million for the three months ended June 30, 2026 and 2025, respectively, and $4.1 million and $4.8 million for the six months ended June 30, 2026 and 2025, respectively. The operating lease costs and total commitments for short-term leases were de minimis for the three and six months ended June 30, 2026 and 2025. Variable lease costs for operating leases were $1.5 million and $1.9 million for the three months ended June 30, 2026 and 2025, respectively, and $3.0 million and $3.8 million for the six months ended June 30, 2026 and 2025, respectively. The weighted-average remaining lease terms for operating leases were 4.3 and 4.8 years as of June 30, 2026 and December 31, 2025, respectively. The weighted‑average discount rate for operating leases was 8.5% as of both June 30, 2026 and December 31, 2025.
The Company entered into subleases in May 2021 and September 2024, whereby the Company agreed to sublease approximately 11,000 and 12,150 square feet, respectively, of its currently leased space in South San Francisco, California. These subleases are classified as operating leases and currently will expire in March 2031 and December 2026, respectively.
In September 2021, the Company entered into a sublease with Sonoma Biotherapeutics, Inc. (“Sonoma”), a related party, whereby the Company agreed to sublease approximately 18,000 square feet of space in South San Francisco, California currently leased by the Company. See Note 13, Related-Party Transactions. As a part of the sublease, in September 2021, the Company received a $4.6 million tenant improvement contribution payment, which is recognized over the term of the sublease. The sublease is classified as an operating lease. In June 2026, the Company and Sonoma amended the sublease to extend the term through September 2027 and revised the subleased space to approximately 3,600 square feet, effective October 2026.
The Company’s sublease income is recognized within other operating (income) loss, net in the condensed consolidated statements of operations and comprehensive loss. Total operating income from the subleases and income solely attributable to the subleases are shown in the table below (in thousands). Total operating income includes income attributable to the subleases, as well as additional operating fees recognized in other operating (income) loss, net such as common area maintenance charges.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Other operating income, net - subleases
$1,876 $1,373 $3,761 $2,760 
Sublease income
$1,462 $900 $2,915 $1,800 
As a result of the successful technology transfer from the Company’s West Hills, Los Angeles manufacturing facility to the Company's LyFE manufacturing center in Bothell, Washington, and in connection with the planned closure of the West Hills facility, the associated lease has been classified as a separate asset group as of June 30, 2025. The Company performed an impairment assessment for the three and six months ended June 30, 2025. The Company concluded that the carrying value of the West Hills asset group was not recoverable as it exceeded the future undiscounted cash flows the asset is expected to generate from its use and eventual disposition. The Company applied a discounted cash flow method to estimate the fair value of the right‑of-use asset, which represented level 3 nonrecurring fair value measurements. Based on this analysis, the Company recognized long-lived asset impairment charges of $1.4 million for the three and six months ended June 30, 2025 within impairment of long-lived assets in the condensed consolidated statements of operations and comprehensive loss.
Leases Leases
The Company’s lease portfolio is comprised of operating leases for laboratory, office and manufacturing facilities located in South San Francisco and Los Angeles, California, and Seattle and Bothell, Washington with contractual periods expiring between January 2028 and March 2031. In addition to minimum rent, the leases require payment of real estate taxes, insurance, common area maintenance charges and other executory costs. These additional charges are considered variable lease costs and are recognized in the period in which the costs are incurred.
The following table summarizes the Company’s future minimum operating lease commitments as of June 30, 2026 (in thousands):
Year Ending December 31:
2026 (remaining six months)
$6,522 
202713,341 
202813,005 
202910,398 
20309,855 
Thereafter2,333 
Total undiscounted lease payments55,454 
Less: imputed interest(8,856)
Total operating lease liabilities$46,598 
Reported as of June 30, 2026:
Short-term portion of lease liabilities (included in accrued liabilities and other current liabilities)$9,664 
Operating lease liabilities, non-current36,934 
Total$46,598 
The operating lease costs for all operating leases were $2.0 million and $2.4 million for the three months ended June 30, 2026 and 2025, respectively, and $4.1 million and $4.8 million for the six months ended June 30, 2026 and 2025, respectively. The operating lease costs and total commitments for short-term leases were de minimis for the three and six months ended June 30, 2026 and 2025. Variable lease costs for operating leases were $1.5 million and $1.9 million for the three months ended June 30, 2026 and 2025, respectively, and $3.0 million and $3.8 million for the six months ended June 30, 2026 and 2025, respectively. The weighted-average remaining lease terms for operating leases were 4.3 and 4.8 years as of June 30, 2026 and December 31, 2025, respectively. The weighted‑average discount rate for operating leases was 8.5% as of both June 30, 2026 and December 31, 2025.
The Company entered into subleases in May 2021 and September 2024, whereby the Company agreed to sublease approximately 11,000 and 12,150 square feet, respectively, of its currently leased space in South San Francisco, California. These subleases are classified as operating leases and currently will expire in March 2031 and December 2026, respectively.
In September 2021, the Company entered into a sublease with Sonoma Biotherapeutics, Inc. (“Sonoma”), a related party, whereby the Company agreed to sublease approximately 18,000 square feet of space in South San Francisco, California currently leased by the Company. See Note 13, Related-Party Transactions. As a part of the sublease, in September 2021, the Company received a $4.6 million tenant improvement contribution payment, which is recognized over the term of the sublease. The sublease is classified as an operating lease. In June 2026, the Company and Sonoma amended the sublease to extend the term through September 2027 and revised the subleased space to approximately 3,600 square feet, effective October 2026.
The Company’s sublease income is recognized within other operating (income) loss, net in the condensed consolidated statements of operations and comprehensive loss. Total operating income from the subleases and income solely attributable to the subleases are shown in the table below (in thousands). Total operating income includes income attributable to the subleases, as well as additional operating fees recognized in other operating (income) loss, net such as common area maintenance charges.
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Other operating income, net - subleases
$1,876 $1,373 $3,761 $2,760 
Sublease income
$1,462 $900 $2,915 $1,800 
As a result of the successful technology transfer from the Company’s West Hills, Los Angeles manufacturing facility to the Company's LyFE manufacturing center in Bothell, Washington, and in connection with the planned closure of the West Hills facility, the associated lease has been classified as a separate asset group as of June 30, 2025. The Company performed an impairment assessment for the three and six months ended June 30, 2025. The Company concluded that the carrying value of the West Hills asset group was not recoverable as it exceeded the future undiscounted cash flows the asset is expected to generate from its use and eventual disposition. The Company applied a discounted cash flow method to estimate the fair value of the right‑of-use asset, which represented level 3 nonrecurring fair value measurements. Based on this analysis, the Company recognized long-lived asset impairment charges of $1.4 million for the three and six months ended June 30, 2025 within impairment of long-lived assets in the condensed consolidated statements of operations and comprehensive loss.