v3.25.2
Operating Leases (Tables)
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Schedule of Lease Costs
Lease costs are summarized as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Operating lease cost$1,284 $1,315 $2,572 $2,631 
Variable lease cost (1)
269 235 549 503 
Short-term lease cost6 8 12 17 
Total lease cost$1,559 $1,558 $3,133 $3,151 
(1)Variable lease costs comprise primarily of common area maintenance charges for the operating leases, which is dependent upon usage.
Supplemental cash flow information related to the leases was as follows:
Six Months Ended June 30,
(in thousands)20252024
Operating cash flows net outflows from operating lease$(3,695)$(3,583)
Weighted-average remaining lease terms and discount rates were as follows:
June 30, 2025
Weighted-average remaining lease term (years)6.3
Weighted-average discount rate9.2 %
Schedule of Maturities of Lease Liabilities
As of June 30, 2025, maturities of lease liabilities were as follows:
(in thousands)
2025, for the remainder of the year$3,783 
20267,712 
20275,769 
20284,855 
20295,000 
20305,150 
Thereafter9,379 
Total undiscounted lease payments41,648 
Less imputed interest(10,337)
Total lease liabilities$31,311 
Schedule of Maturities of the Company’s Sublease Payments
As of June 30, 2025, maturities of the Company’s sublease payments were as follows:
(in thousands)
2025, for the remainder of the year$2,770 
20265,604 
20275,094 
20284,891 
20295,037 
20305,188 
Thereafter8,070 
Total undiscounted sublease payments$36,654 
Schedule of Sublease Income
A summary of total sublease income was as follows:
Three Months Ended June 30,Six Months Ended June 30,
(in thousands)2025202420252024
Sublease income - base rent$1,435 $1,240 $2,852 $2,443 
Sublease income - variable359 347 833 604 
Total sublease income (1)
$1,794 $1,587 $3,685 $3,047 
(1)For the three and six months ended June 30, 2025, $1.6 million and $3.3 million, respectively, was recorded in GeneFab sublease income - related party, and $0.2 million and $0.4 million, respectively, was recorded in other income, on the condensed consolidated statement of operations. For the three and six months ended June 30, 2024, all sublease income was recorded in GeneFab sublease income - related party on the condensed consolidated statement of operations.