In June 2023, the Company entered into a lease agreement for approximately 44,000 square feet of laboratory and office facilities at 5000 Shoreline Court, South San Francisco, California. The lease term is 120 months, and the Company has an option to extend the lease term for a total of two consecutive five-year periods. This lease agreement commenced in August 2024.

In May 2024, the Company amended its 5000 Shoreline Court facility lease agreement to expand the size of the original premises by adding approximately 11,321 rentable square feet of additional space. The amendment to the lease term commenced in January 2025.

In March 2026, the Company further amended its 5000 Shoreline Court facility lease agreement to expand the size of the original premises and the first amendment expansion premises by adding approximately 24,909 rentable square feet of additional space. The second amendment to the lease is expected to commence in the first quarter of 2027.

In November 2023, the Company entered into a lease agreement for approximately 5,700 square feet of space at 11710 El Camino Real, San Diego, California for corporate office space. The lease commenced in December 2023 and expires in March 2028. The Company has an option to renew the lease for three years.

Future minimum lease payments under operating leases included on the Company's condensed balance sheet are as follows:


As of March 31, 2026	Operating Leases
2026	$	1,845
2027		5,379
2028		5,248
2029		5,323
2030		5,509
Thereafter		22,955
Total future minimum lease payments		46,259
Less: imputed interest		(17,659	)
Total operating lease liabilities	$	28,600

The following table summarizes other information about the Company’s operating leases:


	As of
	March 31, 2026	December 31, 2025
Remaining Lease Term	8.4	8.6
Discount Rate	11.5%	11.5%

Operating lease costs were $1.2 million and $1.2 million for the three months ended March 31, 2026 and March 31, 2025, respectively.

Variable lease costs were $0.5 million and $0.6 million for the three months ended March 31, 2026 and March 31, 2025, respectively. Variable lease costs represent additional costs incurred, related to administration, maintenance and property tax costs, which are billed based on both usage and as a percentage of the Company’s share of total square footage.

During the three months ended March 31, 2026 and March 31, 2025, cash paid for amounts included in the measurement of lease liabilities was $0.5 million and $0.1 million, respectively.