Leases

3 Months Ended

Mar. 31, 2025

Leases [Abstract]

Leases

7. Leases

As of March 31, 2025, we had an operating lease for 52,148 square feet of laboratory and office space in San Diego, California, with a lease term that expires on December 31, 2025. In October 2021, we entered into a sublease agreement to sublet 23,873 square feet of laboratory and office space in San Diego, California. The space was delivered to the subtenant in March 2022. As a result of the sublease agreement, our one five-year option to renew this lease on expiration applies only with respect to our remaining 28,275 square feet of laboratory and office space.

We have a sublease agreement through which we sublease 5,840 square feet of office space in Cary, North Carolina, with a lease term that expires on April 30, 2025.

We have a short-term sublease agreement to sublet 9,882 square feet of office space in Cary, North Carolina, with a lease term that expires on August 31, 2025.

During the three months ended March 31, 2025, we recognized $0.8 million of operating lease expense. During the three months ended March 31, 2025 we paid $0.8 million for our operating leases.

During the three months ended March 31, 2024, we recognized $0.7 million of operating lease expense. During the three months ended March 31, 2024 we paid $0.8 million for our operating leases.

Annual future minimum lease payments as of March 31, 2025, are as follows (in thousands):

2025		2,345
Less: discount		(55	)
Total lease liabilities	$	2,290