In December 2019, the Company entered into a lease agreement for office and laboratory space (the “Cambridgepark Lease”) in Cambridge, Massachusetts with PPF Off 100 Cambridge Park Drive, LLC (the “Landlord”). During 2021 and 2022, the Company entered into various lease amendments with the Landlord to obtain additional leased space (the “Lease Amendments”).

In connection with the Restructuring Plan, the Company entered into an early termination agreement with the Landlord on June 20, 2025, pursuant to which the parties agreed to terminate the lease, effective August 4, 2025. Per the terms of such agreement, the Company made a non-refundable termination fee in the amount of $8.5 million to the Landlord. The early termination was treated as a lease modification for accounting purposes. As a result of the modification, the Company remeasured the lease liability and recognized a corresponding adjustment to the right-of-use asset as of the date of the modification. Additionally, as of June 30, 2025, the space was determined to be abandoned, thus the Company has accelerated amortization of the right-of-use asset and de-recognized any remaining balances during the period.

In conjunction with the Cambridgepark Lease, the Company was required to execute an irrevocable standby letter of credit of $2.4 million for the benefit of the Landlord. As of June 30, 2025, the funds securing the letter of credit were presented as restricted cash equivalents on the condensed consolidated balance sheets. The funds were released to the Company in July 2025.

The elements of lease expense were as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
(in thousands)	2025		2024		2025		2024
Operating lease cost	$	13,085	$	1,951	$	15,036	$	3,902
Variable lease cost		774		679		1,485		1,209
Total lease cost	$	13,859	$	2,630	$	16,521	$	5,111

Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	June 30, 2025			December 31, 2024
Assets
Operating lease right-of-use assets	$	24		$		35,007
Liabilities
Operating lease liabilities, current	$	—		$		4,215
Operating lease liabilities, non-current		—				27,615
Total lease liabilities	$	—		$		31,830
Weighted-Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)		0.1			5.7
Weighted-average discount rate		7.0	%			8.2	%

The following table represents other lease activity:


	Six Months Ended June 30,
(in thousands)	2025		2024
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	11,884	$	3,258