We have operating lease agreements for laboratory, office and warehouse facilities in Seattle, Washington, South San Francisco, California and Bothell, Washington. During the three months ended June 30, 2024, we vacated certain leased space in South San Francisco, California and incurred a related impairment charge. See Note 12, Restructurings for more information. As of June 30, 2025, we were not party to any finance leases.

The following table reconciles our undiscounted operating lease cash flows to our operating lease liabilities, less current portion balance on the unaudited condensed consolidated balance sheet as of June 30, 2025 (in thousands):


2025 (excluding the six months ended June 30, 2025)	$	7,093
2026		12,330
2027		11,944
2028		12,282
2029		12,630
Thereafter		44,332
Total undiscounted lease payments		100,611
Less: Imputed interest		(16,241	)
Total operating lease liabilities		84,370
Less: Current portion		(9,957	)
Operating lease liabilities, less current portion	$	74,413

During the six months ended June 30, 2025 and 2024, cash paid for amounts included in the measurement of lease liabilities was $7.2 million and $7.0 million, respectively.

We have $2.1 million in letters of credit with one of our financial institutions in connection with certain of our leases.

7. Leases