v3.25.1
Leases
 3 Months Ended
Mar. 31, 2025
Leases [Abstract]  
Leases
8. Leases

The components of lease expense are as follows (in thousands):
Three Months Ended March 31,
20252024
Operating lease cost$5,775$3,052
Short-term lease cost25295
Financing lease cost—5
Total lease cost$6,027$3,152

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):

As of,
March 31, 2025December 31, 2024
Operating lease ROU assets$90,816$42,917
Operating lease liabilities, current18,57520,989
Operating lease liabilities, non-current84,11532,449
Total lease liabilities$102,690$53,438

Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
Three Months Ended March 31,
20252024
Cash paid for operating lease liabilities, net of tenant incentives received $4,422$3,915
ROU assets recognized for new leases and amendments (non-cash)$51,602$—


Other information related to leases is as follows:

As of,
March 31, 2025December 31, 2024
Weighted average remaining lease term 6.9 years2.8 years
Weighted average discount rate6.66 %5.13 %
Future undiscounted annual cash flows for the Company’s operating leases as of March 31, 2025 are as follows (in thousands):
Fiscal Year Ending December 31,Operating Leases
Remaining portion of 2025$12,532 
202622,840 
202714,582 
202815,789 
202916,132 
Thereafter48,582 
Total future undiscounted lease payments130,457 
Less imputed interest(27,767)
Total lease liabilities$102,690 
The table above does not include options to extend lease terms that are not reasonably certain of being exercised or leases signed but not yet commenced as of March 31, 2025.

On January 31, 2025, the Company amended the lease agreement for its corporate headquarters located in Boston, Massachusetts. The amendment (i) modified the lease term and payment terms for the existing leased premises and (ii) expanded the leased premises under the lease. The newly leased premises have phased lease commencement dates ranging from February 2025 to June 2026. The lease term for the existing and newly leased premises ends in March 2033. As of March 31, 2025, the gross aggregate payments for leases that have not yet commenced are $30.9 million.
Leases
8. Leases

The components of lease expense are as follows (in thousands):
Three Months Ended March 31,
20252024
Operating lease cost$5,775$3,052
Short-term lease cost25295
Financing lease cost—5
Total lease cost$6,027$3,152

Supplemental balance sheet information related to the Company’s operating leases is as follows (in thousands):

As of,
March 31, 2025December 31, 2024
Operating lease ROU assets$90,816$42,917
Operating lease liabilities, current18,57520,989
Operating lease liabilities, non-current84,11532,449
Total lease liabilities$102,690$53,438

Supplemental cash flow information and non-cash activity related to the Company’s leases are as follows (in thousands):
Three Months Ended March 31,
20252024
Cash paid for operating lease liabilities, net of tenant incentives received $4,422$3,915
ROU assets recognized for new leases and amendments (non-cash)$51,602$—


Other information related to leases is as follows:

As of,
March 31, 2025December 31, 2024
Weighted average remaining lease term 6.9 years2.8 years
Weighted average discount rate6.66 %5.13 %
Future undiscounted annual cash flows for the Company’s operating leases as of March 31, 2025 are as follows (in thousands):
Fiscal Year Ending December 31,Operating Leases
Remaining portion of 2025$12,532 
202622,840 
202714,582 
202815,789 
202916,132 
Thereafter48,582 
Total future undiscounted lease payments130,457 
Less imputed interest(27,767)
Total lease liabilities$102,690 
The table above does not include options to extend lease terms that are not reasonably certain of being exercised or leases signed but not yet commenced as of March 31, 2025.

On January 31, 2025, the Company amended the lease agreement for its corporate headquarters located in Boston, Massachusetts. The amendment (i) modified the lease term and payment terms for the existing leased premises and (ii) expanded the leased premises under the lease. The newly leased premises have phased lease commencement dates ranging from February 2025 to June 2026. The lease term for the existing and newly leased premises ends in March 2033. As of March 31, 2025, the gross aggregate payments for leases that have not yet commenced are $30.9 million.