The Company leases real estate, primarily laboratory, office and manufacturing space. The Company’s leases have remaining terms ranging from approximately three to seven years. Certain leases include one or more options to renew, exercisable at the Company’s sole discretion, with renewal terms that can extend the lease from approximately one year to ten years. The Company evaluated the renewal options in its leases to determine if it was reasonably certain that the renewal option would be exercised, given the Company’s current business structure, uncertainty of future growth, and the associated impact to real estate, the Company concluded that it is not reasonably certain that any renewal options would be exercised. Therefore, the operating lease assets and operating lease liabilities only contemplate the initial lease terms. All the Company’s leases qualify as operating leases.

The following table summarizes the presentation in the Company’s condensed consolidated balance sheets of its operating leases (in thousands):


	March 31, 2026		December 31, 2025
Assets:
Operating lease assets	$	70,228	$	72,483

Liabilities:
Operating lease liabilities	$	10,865	$	10,390
Operating lease liabilities, net of current portion		69,634		72,576
Total operating lease liabilities	$	80,499	$	82,966

The following table summarizes the effect of lease costs in the Company’s condensed consolidated statements of operations and comprehensive (loss) income (in thousands):


	Three Months Ended March 31,
	2026			2025
Operating lease costs	$	4,770		$	4,831
Variable lease costs		1,758			1,242
Sublease income		(670	)		(823	)
Total lease costs	$	5,858		$	5,250

During the three months ended March 31, 2026 and 2025, the Company made cash payments for operating leases of $4,982 and $4,878, respectively.

As of March 31, 2026, future payments of operating lease liabilities are as follows (in thousands):


	As of March 31, 2026
2026 (remaining 9 months)	$	15,000
2027		20,582
2028		20,863
2029		20,132
2030		11,545
2031 and thereafter		25,317
Total future minimum lease payments	$	113,439
Less: interest		(32,940	)
Present value of operating lease liabilities	$	80,499