In June 2021, the Company entered into a lease agreement for office space in Dublin, Ireland, which commenced in August 2021 and had an initial term of one year. In addition, the Company entered into a lease agreement for additional office space in Dublin, Ireland, which commenced in August 2023 and had an initial term of one year. Both leases have an automatic renewal clause, pursuant to which each agreement will be extended automatically for successive periods equal to their current terms, unless each agreement is cancelled by the Company. In April, 2025, the Company renewed both leases, each for another one year term with termination dates in July, 2026.

On October 28, 2022, the Company entered into a noncancelable operating sublease (the "Brisbane Sublease") to sublease approximately 31,157 square feet of office and laboratory space located in Brisbane, California (the “Brisbane Facility”) with Arcus Biosciences, Inc., (the "Sublandlord"). The Brisbane Sublease became effective on October 28, 2022. The Brisbane Sublease provides that the Company's obligation to pay rent commenced on July 1, 2023, which is subject to abatement for the first six months following such date, with the exception of the seventh rent payment that was due upon execution of the Brisbane Sublease. The Company is obligated to make lease payments totaling approximately $14.9 million over the lease term, which expires on September 30, 2028, unless terminated earlier. The Brisbane Sublease further provides that the Company is obligated to pay the Sublandlord certain costs, including taxes and operating expenses. The Company has the option to extend the sublease by providing written notice at least nine months prior to the expiration of the sublease term. As of June 30, 2025, the Brisbane Sublease has a remaining lease term of 3.3 years.

Total operating lease cost for the Brisbane Sublease was $0.8 million and $1.6 million for the three and six months ended June 30, 2025 respectively, and $0.8 million and $1.6 million for the three and six months ended June 30, 2024. Total cash paid against the operating lease liability was $0.7 million and $1.5 million for the three and six months ended June 30, 2025 respectively, and $0.7 million and $1.2 million for the three and six months ended June 30, 2024, respectively.

In conjunction with the Brisbane Sublease, the Company obtained a standby letter of credit in the initial amount of $0.9 million, which may be drawn down by the Sublandlord in the event the Company fails to fully and faithfully perform all of its obligations under the Brisbane Sublease and to compensate the Sublandlord for all losses and damages the Sublandlord may suffer as a result of the occurrence of any default on the part of the Company not cured within the applicable cure period. As of June 30, 2025, none of the standby letter of credit amount of $0.9 million has been used.

The following table sets out a maturity analysis of payments under the Company’s operating leases, including a reconciliation to the lease liabilities recognized in the Condensed Consolidated Balance Sheets as of June 30, 2025 (in thousands):


Year Ended December 31,	Operating Leases
2025 (6 months)	$	1,678
2026	3,301
2027	3,269
2028	2,523
Thereafter	—
Total	$	10,771
Less: Present value adjustment (imputed interest)	(990)
Total lease liability	$	9,781
Less: Lease liability, current	(2,853)
Lease liability, non-current	$	6,928

The Company has entered into indemnification agreements with its current and former directors and officers and certain key employees. These agreements contain provisions that may require the Company, among other things, to indemnify such persons against certain liabilities that may arise because of their status or service and advance their expenses incurred as a result of any indemnifiable proceedings brought against them. The obligations of the Company pursuant to the indemnification agreements continue during such time as the indemnified person serves the Company and continues thereafter until such time as a claim can be brought. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is unlimited; however, the Company has a director and officer liability insurance policy that limits its exposure and enables the Company to recover a portion of any future amounts paid. As a result of its insurance policy coverage, the Company believes the estimated fair value of these indemnification agreements is minimal. Accordingly, the Company had no liabilities recorded for these agreements as of June 30, 2025, and December 31, 2024.

In the normal course of business, the Company enters into various firm purchase commitments primarily related to research and development activities. As of June 30, 2025, the Company had non-cancelable purchase commitments to suppliers for $3.3 million of which $2.6 million is included in current liabilities, obligations under the Company’s restructuring plan of $30.3 million (of which all of it is included in current liabilities) and contractual obligations under license agreements of $0.3 million. The following is a summary of the Company's non-cancelable purchase commitments and contractual obligations as of June 30, 2025 (in thousands):


	Total		2025		2026		2027		2028		2029		Thereafter
Purchase Obligations (1)	$	3,339	$	3,216	$	123	$	—	$	—	$	—	$	—
Contractual obligations under license agreements	309		59		70		70		55		55		—
Obligations under restructuring plan	30,330		30,039		291		—		—		—		—
Total	$	33,978	$	33,314	$	484	$	70	$	55	$	55	$	—