In November 2022, the Company entered into an amendment to the lease agreement for its corporate headquarters in South San Francisco, California, which expanded the leased premises in the same building as its corporate headquarters and extended the lease term of the original premises to be coterminous with the expansion premises to July 31, 2026. The transaction was treated as a lease modification as of the effective date and resulted in the recognition of approximately $8.0 million in new lease liabilities and right-of-use (“ROU”) assets.

In December 2023, the Company committed to a plan to sublease Suite 400 of its corporate headquarters in connection with a workforce reduction and evaluated the recoverability of ROU asset by comparing the carrying amount of the asset to future net undiscounted cash flows associated with the asset. The ROU asset is considered to be impaired if the carrying amount of the assets exceeds the fair value of the assets. Consequently, the Company recognized a $2.7 million impairment charge in 2023. In June 2024, the Company recognized an additional $1.5 million impairment charge in relation to Suite 400 to write off the net book value of the ROU asset as the estimated future cash flow from sublease income is zero due to then-current market conditions.

On April 1, 2026, the Company entered into a lease termination agreement with the landlord and surrendered the premises to the landlord in the condition required under the lease. The lease termination agreement provides for the early termination of the lease and the Company agreed to pay the landlord approximately $2.0 million in fulfillment of its remaining obligations under the lease, consisting of (i) approximately $1.3 million paid by the Company to lessor concurrently with the execution of the lease termination agreement and (ii) the Company’s surrender of the approximately $0.7 million held by the lessor as a security deposit.


Maturities of lease liabilities as of March 31, 2026 were as follows:
Less than 12 months	$	1,388
Total undiscounted lease payments	1,388
Less: imputed interest	(34)
Total lease liabilities	$	1,354

Operating lease liabilities, current	$	1,354
Operating lease liabilities, noncurrent	—
Total operating lease liabilities	$	1,354