As a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end in September 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of March 31, 2025 and December 31, 2024, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease. The Company entered into a lease for approximately 3,500 square feet of office space in San Diego, California that runs from October 2024 through July 2025.

The components of lease expense and supplemental information were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Operating lease costs	$	959	$	1,038
Variable lease costs		221		174
Short-term lease costs		48		3
Total lease costs	$	1,228	$	1,215


	Three Months Ended March 31,
	2025			2024
Weighted-average remaining lease term (in years)		7.5			8.5
Weighted-average incremental borrowing rate		6.2	%		6.2	%

Supplemental cash flow information related to leases is as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities	$	961	$	1,006

As of March 31, 2025, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows (in thousands):


Years ending December 31,	(in thousands)
2025 (remaining nine months)	$	2,890
2026		3,957
2027		4,072
2028		4,191
2029		4,312
Thereafter		12,562
Total undiscounted future minimum lease payments		31,984
Present value adjustment for minimum lease commitments		(6,580	)
Total operating lease liabilities	$	25,404