v3.26.3
Leases
9 Months Ended
Sep. 30, 2026
Leases [Abstract]  
Leases Leases
The Company enters into various building leases for office, lab and other uses. Additionally, certain of the Company’s arrangements to utilize data centers contain leases. These leases are generally considered operating leases.
During the three months ended September 30, 2026, the Company executed an operating lease for approximately 21,234 square feet of office and laboratory space in Dallas, Texas (“Pegasus Park Lease”). The Pegasus Park
Lease has an initial term of approximately 10.7 years, with two five-year renewal options. The Company is not reasonably certain to exercise either option, and both are excluded from the lease term. The agreement provides for total undiscounted fixed lease payments of approximately $15.9 million. The Company recognized an operating lease right-of-use asset of $9.3 million and a corresponding operating lease liability of $9.3 million.
Additionally, during the three months ended September 30, 2026, the Company amended its office lease in Irving, Texas. The amendment adds approximately 51,586 square feet of expansion space, extends the term of the Company’s existing space to run coterminously with the expansion space for approximately 8.1 years following the expansion commencement date, and terminates the lease of one smaller suite upon that date. The Company accounted for the amendment as a lease modification and remeasured the lease liability for the existing space as of the amendment date. The expansion space provides for total undiscounted fixed lease payments of approximately $9.3 million, and is expected to commence in the fourth quarter of 2026. As the expansion space had not commenced as of September 30, 2026, no right-of-use asset or lease liability had been recognized for it.
Because the rates implicit in the leases were not readily determinable, the Company used its incremental borrowing rate to measure the operating lease liabilities at the commencement or modification dates. As of September 30, 2026 and December 31, 2025, the weighted average discount rate for operating leases was 10.4% and 11.3%, respectively.