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 2032. The Company has also acquired portions of its equipment under finance lease arrangements, formerly referred to as capital leases under ASC 840, with expirations between 2022 and 2023. 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 years ended December 31, 2024, 2023 and 2022 are as follows (in thousands):


	Year Ended December 31,
	2024			2023			2022
Operating lease cost	$	6,047		$	6,760		$	6,426
Variable lease cost		6,067			4,641			4,732
Short-term lease costs		688			441			139
Sublease income		(90	)		(52	)		(191	)
Finance lease cost
Amortization of right-of-use assets		—			283			381
Interest on lease liabilities		—			5			21
Total lease costs	$	12,712		$	12,078		$	11,508

Lease term and discount rate as of December 31, 2024 and 2023 are as follows:

As of December 31, 2024, the future payments under operating leases for each of the next five years and thereafter are as follows (in thousands):


	Operating Leases
2025	$	8,446
2026		7,158
2027		7,254
2028		7,596
2029		4,324
Thereafter		4,211
Total minimum lease payments		38,989
Less: Amount representing interest		6,331
Present value of net minimum lease payments		32,658
Less: Current portion of lease liabilities		6,459
Total long-term lease liabilities	$	26,199

December 31, 2024

December 31, 2023

Weighted-average remaining lease term (in years)

Operating leases

Weighted-average discount rate

Operating leases