We have operating lease agreements for laboratory, office and warehouse facilities in Seattle, Washington, South San Francisco, California and Bothell, Washington. As of March 31, 2026, we were not party to any finance leases.

The following table reconciles our undiscounted operating lease cash flows to our operating lease liabilities, less current portion balance on the unaudited condensed consolidated balance sheet as of March 31, 2026 (in thousands):


2026 (excluding the three months ended March 31, 2026)	$	8,822
2027		12,462
2028		12,818
2029		12,860
2030		12,988
Thereafter		31,344
Total undiscounted lease payments		91,294
Less: Imputed interest		(13,666	)
Total operating lease liabilities		77,628
Less: Current portion		(8,513	)
Operating lease liabilities, less current portion	$	69,115

During the three months ended March 31, 2026 and 2025, cash paid for amounts included in the measurement of lease liabilities was $3.5 million and $3.0 million, respectively.

We have $2.1 million in letters of credit with one of our financial institutions in connection with certain of our leases.

7. Leases