The Company leases certain of its facilities under noncancellable operating leases expiring at various dates through 2044. The Company is also responsible for utilities, maintenance, insurance, and property taxes under these leases. The lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms, as well as payments for common-area-maintenance and administrative services. The Company often receives customary incentives from its landlords, such as reimbursements for tenant improvements and rent abatement periods, which effectively reduce the total lease payments owed for these leases. Leases are classified as operating or financing at commencement. The Company does not have any material financing leases.

On November 13, 2025, the Company entered into an amendment to a lease agreement for the Company's premises in South San Francisco, California, in order to consolidate other offices in South San Francisco into a single location. This amendment increases the leased premises by approximately 33,000 square feet ("Additional Premises") and extends the termination date of the lease until June 30, 2036. The lease for the Additional Premises is expected to commence on September 1, 2026. In accordance with the amended lease agreement, the monthly base rent for the entire premises is approximately $0.5 million at commencement, includes provisions for rent increases of 3% annually and provides for base rent abatement with respect to the original premises for 15 months and base rent abatement with respect to the Additional Premises for 12 months. The Company is also responsible for utilities, maintenance, insurance, and property taxes. The landlord will provide the Company with a tenant improvement allowance in connection with its improvements to the premises of approximately $24.4 million. The amendment also gives the Company the right, on or before December 31, 2026, to elect to expand the premises to include additional space in the building of approximately 33,000 square feet.

Certain leases include options to renew or terminate at the Company’s discretion. The lease terms include periods covered by these options if it is reasonably certain the Company will renew or not terminate. The Company’s lease agreements do not contain any material residual value guarantees or restrictive covenants.


(in thousands)	Operating leases		Sublease income
Years ending September 30:
Remainder of 2026	$	2,287	$	479
2027	8,450		1,975
2028	12,572		2,035
2029	10,793		—
2030	11,096		—
2031	11,409		—
Thereafter	90,605		—
Total minimum lease payments	$	147,212	$	4,489
Less: imputed interest	(53,622)
Total operating lease liabilities	$	93,590
Less: current portion	(8,630)
Operating lease liabilities, net of current portion	$	84,960


	Three months ended June 30,				Nine months ended June 30,
(in thousands except years and percentage)	2026		2025		2026			2025
Operating lease costs	$	3,330	$	3,823	$	10,234		$	11,306
Variable lease costs	$	1,970	$	2,012	$	6,100		$	5,820
Sublease income	$	687	$	417	$	2,106		$	417
Weighted-average remaining lease term (in years) - operating leases					13.9			15.2
Weighted-average discount rate - operating leases					6.9		%	6.5		%