The Company has entered into various non-cancelable operating lease agreements, primarily for the rent of office and lab space, with expirations at various dates through 2036. Lease cost is recognized on a straight-line basis over the lease term. Variable lease costs, which include items such as real estate taxes, common area maintenance, utilities and storage are not included in the calculation of the right-of-use assets and are recognized as incurred.

The components of total lease costs for the three and nine months ended September 30, 2026 and 2025 are as follows (in thousands):


	Three Months Ended September 30,						Nine Months Ended September 30,
	2026			2025			2026			2025
Operating lease cost	$	3,400		$	3,293		$	10,296		$	7,866
Variable lease cost		2,519			2,179			5,975			5,777
Short-term lease costs		105			255			469			899
Sublease income		(369	)		(162	)		(1,123	)		(251	)
Total lease costs	$	5,655		$	5,565		$	15,617		$	14,291

Lease term and discount rate as of September 30, 2026 and December 31, 2025 are as follows:


	September 30, 2026			December 31, 2025
Weighted-average remaining lease term (in years)
Operating leases		6.5			7.0
Weighted-average discount rate
Operating leases		6.1	%		6.1	%

As of September 30, 2026, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):


	Operating Leases
10/1/2026 - 12/31/2026		2,650
2027		17,952
2028		16,704
2029		15,016
2030		12,504
2031		12,743
Thereafter		22,146
Total minimum lease payments		99,715
Less: Amount representing interest		18,648
Present value of net minimum lease payments		81,067
Less: Current portion of lease liabilities		11,584
Total long-term lease liabilities	$	69,483