Leases |
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| 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 March 31, 2025 (in thousands):
The operating lease costs for all operating leases were $2.4 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. The operating lease costs and total commitments for short-term leases were de minimis for the three months ended March 31, 2025 and 2024. Variable lease costs for operating leases were $1.9 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. The weighted-average remaining lease terms for operating leases were 5.5 and 5.7 years as of March 31, 2025 and December 31, 2024, respectively. The weighted‑average discount rate for operating leases was 8.5% as of both March 31, 2025 and December 31, 2024. 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 will expire in March 2031 and July 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 and will expire in March 2031 if the approximate five-year renewal term is exercised. The Company’s sublease income is recognized within other operating income, 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, net” such as common area maintenance charges.
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| 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 March 31, 2025 (in thousands):
The operating lease costs for all operating leases were $2.4 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. The operating lease costs and total commitments for short-term leases were de minimis for the three months ended March 31, 2025 and 2024. Variable lease costs for operating leases were $1.9 million and $2.3 million for the three months ended March 31, 2025 and 2024, respectively. The weighted-average remaining lease terms for operating leases were 5.5 and 5.7 years as of March 31, 2025 and December 31, 2024, respectively. The weighted‑average discount rate for operating leases was 8.5% as of both March 31, 2025 and December 31, 2024. 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 will expire in March 2031 and July 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 and will expire in March 2031 if the approximate five-year renewal term is exercised. The Company’s sublease income is recognized within other operating income, 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, net” such as common area maintenance charges.
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