Leases

6 Months Ended

Jun. 30, 2025

As of June 30, 2025, we had non-cancelable operating leases for our corporate headquarters and manufacturing facilities located in Fremont, California and in Brighton, Colorado. Our Fremont, California lease, which expires in June 2027, provides us with an option to extend the term for one additional 5-year period and we determined with reasonable certainty that we will exercise such option. Our Brighton, Colorado lease, which expires in May 2039, provides us with an option to extend the term for two additional 5-year periods, but we have not determined with reasonable certainty that we will exercise such option. Our operating leases do not contain any material residual value guarantees. We had no leases that were classified as finance leases as of June 30, 2025 and December 31, 2024.

The components of lease expense during the three and six months ended June 30, 2025 and 2024 are shown in the table below (in thousands):


	Three months ended June 30,				Six months ended June 30,
	2025		2024		2025		2024
Operating lease expense	$	1,286	$	1,286	$	2,571	$	2,571
Variable lease expense	689		296		1,475		407
Short-term lease expense	27		23		52		45
Total lease expense	$	2,002	$	1,605	$	4,098	$	3,023

Other information about our operating leases during the six months ended June 30, 2025 and 2024 are shown in the table below (amounts in thousands):


	Six months ended June 30,
	2025			2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,707		$	560
Weighted-average remaining lease term	13.0 years			13.9 years
Weighted-average discount rate	9.5		%	9.4		%

Future operating lease payments, net of tenant improvement allowance, as of June 30, 2025 are as follows (in thousands):


Year ending December 31:	Amount
Remainder of 2025	$	1,742
2026	2,534
2027	5,025
2028	5,185
2029	5,344
2030	5,509
Thereafter	42,931
Total lease payments, net of tenant improvement allowance	68,270
Less - present value adjustments	(30,537)
Total operating lease liabilities	$	37,733