As a lessee, the Company leases approximately 51,000 square feet of office and laboratory space in Redwood City, California with a lease term that is set to end in September 2032. The Company has an option to renew all leased space for an additional five-year term at then-current market rates. In connection with the lease, the Company maintains a letter of credit issued to the lessor in the amount of $0.5 million as of June 30, 2026 and December 31, 2025, which is secured by restricted cash and is presented as noncurrent at each date based on the term of the underlying lease.

The components of lease expense and supplemental information were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
Operating lease costs	$	959	$	959	$	1,918	$	1,918
Variable lease costs		216		243		446		464
Short-term lease costs		18		48		38		96
Total lease costs	$	1,193	$	1,250	$	2,402	$	2,478


	Six Months Ended June 30,
	2026			2025
Weighted-average remaining lease term (in years)		6.3			7.3
Weighted-average incremental borrowing rate		6.2	%		6.2	%

As of June 30, 2026, future minimum commitments under the Company’s non-cancelable facility operating leases are as follows (in thousands):


Years ending December 31,
2026 (remaining six months)	$	1,985
2027		4,072
2028		4,191
2029		4,312
2030		4,444
Thereafter		8,118
Total undiscounted future minimum lease payments		27,122
Present value adjustment for minimum lease commitments		(4,732	)
Total operating lease liabilities	$	22,390