The Company has entered into various non-cancelable operating lease agreements, primarily for the rent of office and lab space, with expirations at various dates through 2036. Lease cost is recognized on a straight-line basis over the lease term. Variable lease costs, which include items such as real estate taxes, common area maintenance, utilities and storage are not included in the calculation of the right-of-use assets and are recognized as incurred.

The components of total lease costs for the three months ended March 31, 2026 and 2025 are as follows (in thousands):


	Three Months Ended March 31,
	2026			2025
Operating lease cost	$	3,502		$	2,089
Variable lease cost		2,041			1,645
Short-term lease costs		194			425
Sublease income		(379	)		(44	)
Total lease costs	$	5,358		$	4,115

Lease term and discount rate as of March 31, 2026 and December 31, 2025 are as follows:


	March 31, 2026			December 31, 2025
Weighted-average remaining lease term (in years)
Operating leases		6.9			7.0
Weighted-average discount rate
Operating leases		6.1	%		6.1	%

As of March 31, 2026, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):


	Operating Leases
4/1/2026 - 12/31/2026		9,752
2027		17,823
2028		16,570
2029		14,970
2030		12,504
2031		12,743
Thereafter		22,146
Total minimum lease payments		106,508
Less: Amount representing interest		21,146
Present value of net minimum lease payments		85,362
Less: Current portion of lease liabilities		12,639
Total long-term lease liabilities	$	72,723