Leases

9 Months Ended

Sep. 30, 2026

Leases [Abstract]

Leases

Leases

The Company’s lease portfolio consists primarily of operating leases for its current corporate headquarters, laboratory facilities, and warehouse facilities, with lease terms ranging from 1 to 11 years. Certain of the Company’s operating leases contain optional renewal periods to extend the lease terms, which are not reasonably assured. The Company’s operating leases include various covenants, indemnities, defaults, termination rights, security deposits and other provisions customary for lease transactions of this nature.

The Company’s most significant operating lease pertains to an 11-year lease agreement for approximately 335,419 square feet used as its corporate headquarters, office, and laboratory space in two buildings (building I and building III) located in Brisbane, California. The lease will continue for an initial term of 11 years, with options to extend the term for two successive five-year periods after the initial expiration date.

The components of lease costs were as follows (in thousands):

	Nine Months Ended September 30,
	2026		2025
Operating lease cost	$	18,395	$	20,784
Variable lease cost	8,165		8,145
Finance lease cost:
Finance lease amortization	—		137
Interest on finance lease liabilities	—		3
Total lease cost	$	26,560	$	29,069

Certain information related to the Company’s leases was as follows (in thousands):

	Nine Months Ended September 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$	21,236	$	23,468
Finance leases	$	—	$	159

	September 30, 2026		September 30, 2025
Weighted-average remaining lease term (in years):
Operating leases	8.2		9.2
Finance leases	—		—
Weighted-average discount rate:
Operating leases	11.3	%	11.3	%
Finance leases	—	%	—	%

The following table summarizes the Company’s future principal contractual obligations for lease commitments as of September 30, 2026 (in thousands):

Year Ending December 31,	Operating Leases
2026 (remainder of year)	$	8,016
2027	32,872
2028	33,944
2029	35,053
2030	36,201
Thereafter	165,841
Total undiscounted lease payments	311,927
Less: Imputed interest	(110,268)
Total lease liabilities	201,659
Less: Current portion of lease liabilities	11,765
Non-current lease liabilities	$	189,894

There is no remaining finance lease obligation as of September 30, 2026.

Leases

Leases

The Company’s lease portfolio consists primarily of operating leases for its current corporate headquarters, laboratory facilities, and warehouse facilities, with lease terms ranging from 1 to 11 years. Certain of the Company’s operating leases contain optional renewal periods to extend the lease terms, which are not reasonably assured. The Company’s operating leases include various covenants, indemnities, defaults, termination rights, security deposits and other provisions customary for lease transactions of this nature.

The Company’s most significant operating lease pertains to an 11-year lease agreement for approximately 335,419 square feet used as its corporate headquarters, office, and laboratory space in two buildings (building I and building III) located in Brisbane, California. The lease will continue for an initial term of 11 years, with options to extend the term for two successive five-year periods after the initial expiration date.

The components of lease costs were as follows (in thousands):

	Nine Months Ended September 30,
	2026		2025
Operating lease cost	$	18,395	$	20,784
Variable lease cost	8,165		8,145
Finance lease cost:
Finance lease amortization	—		137
Interest on finance lease liabilities	—		3
Total lease cost	$	26,560	$	29,069

Certain information related to the Company’s leases was as follows (in thousands):

	Nine Months Ended September 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities:
Operating leases	$	21,236	$	23,468
Finance leases	$	—	$	159

	September 30, 2026		September 30, 2025
Weighted-average remaining lease term (in years):
Operating leases	8.2		9.2
Finance leases	—		—
Weighted-average discount rate:
Operating leases	11.3	%	11.3	%
Finance leases	—	%	—	%

The following table summarizes the Company’s future principal contractual obligations for lease commitments as of September 30, 2026 (in thousands):

Year Ending December 31,	Operating Leases
2026 (remainder of year)	$	8,016
2027	32,872
2028	33,944
2029	35,053
2030	36,201
Thereafter	165,841
Total undiscounted lease payments	311,927
Less: Imputed interest	(110,268)
Total lease liabilities	201,659
Less: Current portion of lease liabilities	11,765
Non-current lease liabilities	$	189,894

There is no remaining finance lease obligation as of September 30, 2026.