The Company’s leases consist of operating leases for facility space to support general office, research and development, manufacturing and warehouse facilities, and equipment. These noncancellable operating leases have initial lease terms from two years to thirteen years. Certain leases include an option to renew, with renewal terms that can extend the lease term for additional periods at the Company’s sole discretion. The Company includes the renewal option period in the lease term for those leases reasonably expected to be extended at the time of lease commencement.

In September 2021, the Company entered into a lease agreement for 181,949 square feet of general administrative, laboratory, and research and development office space (the Premises) located on High Bluff Drive in San Diego, California (Headquarters Lease). Possession of the Premises was to be tendered to the Company in two phases, with Phase I consisting of 143,850 rentable square feet, which commenced in 2022, and Phase II consisting of 38,099 rentable square feet, which commenced in the first quarter of 2025. The Headquarters Lease term expires in April 2035. The Company has two options to extend the term of the lease, with each option providing for an additional period of five years. The Headquarters Lease term was determined assuming the renewal options would not be exercised.

In December 2023, the Company entered into an agreement to sublease the Phase II portion of the leased premises under the Headquarters Lease, from January 2025 through March 2029, for which accounting commenced in January 2025. Future minimum payments for base rent due under Phase II of the Headquarters Lease, net of sublease rent, are estimated to be $3.0 million in total for 2025 through 2028, and $22.2 million in total for 2029 through 2035.

The Company recognizes the sublease income on a straight-line basis over the term of the sublease which is classified in the Company’s condensed consolidated statements of operations and comprehensive loss as a reduction of rent expense in selling, general and administrative expense (SG&A). The difference between sublease income recognized and cash received from the subtenant accrues as a deferred rent receivable.

As part of our evaluation of the sublease agreement related to the Headquarters Lease, the Company compared the estimated undiscounted sublease income to the net book value of the underlying right of use asset. Because the expected sublease income was less than the net book value of the sublease assets, the Company recorded a $3.6 million impairment charge in operating expenses in the first quarter of 2025 by reducing the net book value of the subleased assets to their estimated fair value, which is determined by discounting the estimated sublease income using the estimated incremental borrowing rate of the subtenant.


	Three Months Ended June 30,				Six Months Ended June 30,
	2025		2024		2025		2024
Operating lease cost (excluding sublease income)	$	4,304	$	3,564	$	8,523	$	7,081
Short-term lease cost	111		21		118		43
Loss on lease termination and right-of-use asset impairment charges	—		—		6,697		—
Sublease income, gross	(566)		—		(1,132)		—
Total lease cost	$	3,849	$	3,585	$	14,206	$	7,124


Years Ending December 31,
2025	$	9,445
2026	20,764
2027	21,048
2028	17,630
2029	16,553
Thereafter	97,125
Total undiscounted lease payments	182,565
Less: amount representing interest	(42,703)
Present value of operating lease liabilities	139,862
Less: current portion of operating lease liabilities	(19,888)
Operating lease liabilities - long-term	$	119,974


	June 30, 2025		December 31, 2024
Weighted-average remaining lease term (in years)	9.1		9.2
Weighted-average discount rate used to determine operating lease liabilities	5.7	%	5.3	%