The Company leases its offices and laboratory in Brisbane, California, under a ten-year noncancelable lease agreement that ends in October 2031 with a ten-year renewable option.

As of June 30, 2026, the operating lease right-of-use assets were $14.3 million and lease liabilities were $24.7 million on the unaudited condensed consolidated balance sheet. The weighted-average remaining lease term is 5.3 years.

The weighted-average incremental borrowing rate used to measure the operating lease liability is 8.4%.

Operating lease costs were $1.9 million for each of the six months ended June 30, 2026 and 2025. Variable lease payments were $1.1 million and $1.4 million for the six months ended June 30, 2026 and 2025, respectively.


	(in thousands)
2026 (remaining six months)	$	2,636
2027		5,425
2028		5,615
2029		5,812
2030 and thereafter		11,173
Total undiscounted lease payments		30,661
Less: Imputed interest		(6,010	)
Total lease liabilities	$	24,651

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2026, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.