The Company continues to lease office and laboratory space in Cambridge, Massachusetts and Boulder, Colorado, which leases expire on June 30, 2027 and September 30, 2028, respectively. The table below summarizes the Company’s operating lease costs for the three months ended March 31, 2025 and 2024 (in thousands except for lease terms and borrowing rates):


	Three Months Ended March 31,
		2025			2024
Operating lease costs:
Lease expense		$	609		$	609
Short-term lease expense		14			13
Variable lease expense		293			335
Total operating lease costs		$	916		$	957
Other information:
Operating cash flows used for operating leases		$	1,136		$	1,103
Weighted-average remaining lease term in years		2.4			3.3
Weighted-average incremental borrowing rate		6.73		%	6.72		%

Maturities of operating lease liabilities as of March 31, 2025 were as follows (in thousands):


2025 remaining	$	2,603
2026	3,558
2027	1,980
2028	264
Total lease payments	8,405
Less: amount representing imputed interest	(635)
Total future minimum lease obligations	$	7,770

The Company leases certain specialized lab equipment under several finance lease agreements with maturities ranging from April 2025 to November 2028. The table below summarizes the Company’s finance lease costs for the three months ended March 31, 2025 and 2024 (in thousands except for lease terms and borrowing rates):


		Three Months Ended March 31,
	Classification		2025			2024
Finance lease costs:
Amortization of ROU assets	Depreciation and amortization		$	26		$	49
Interest on lease liabilities	Other expense		3			9
Total finance lease costs			$	29		$	58
Other information:
Operating cash flows used for finance leases			$	49		$	89
Weighted-average remaining lease term in years			2.4			1.7
Weighted-average incremental borrowing rate			7.92		%	8.16		%

Maturities of finance lease liabilities as of March 31, 2025 were as follows (in thousands):


2025 remaining	$	61
2026	31
2027	31
Total lease payments	123
Less: amount representing imputed interest	(22)
Total future minimum lease obligations	$	101

There are no matters currently outstanding for which any liabilities have been accrued or require disclosure.