v3.25.3
LEASES
 9 Months Ended
Sep. 30, 2025
Leases [Abstract]  
LEASES
NOTE 9. LEASES
On January 1, 2025, the Company relocated its corporate headquarters to 225 Wyman Street, Waltham, Massachusetts.
Expense
Three Months Ended
September 30,		Nine Months Ended
September 30,
(in thousands)2025202420252024
Fixed lease costs$4,128 $6,848 $11,828 $16,381 
Short-term lease costs420 381 1,330 1,334 
Variable lease costs1,351 1,863 4,909 5,235 
$5,899 $9,092 $18,067 $22,950 
Right of use assets and lease liabilities
(in thousands)September 30, 2025December 31, 2024
Right of use assets (1)
$59,397 $62,429 
Operating lease liabilities (2)
$14,424 $14,551 
Long-term operating lease liabilities$62,402 $67,647 
(1) Included in other long-term assets.
(2) Included in other current liabilities.
Weighted-average remaining lease term and discount rate for the Company’s leases were:
September 30, 2025December 31, 2024
Weighted-average remaining lease term5.7 years6.2 years
Weighted-average discount rate (1)
4.9 %4.8 %
(1) The rates implicit in the Company’s leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the lease term in a similar economic environment.
Maturities of lease liabilities:
(in thousands)September 30, 2025
Remainder of 2025$4,615 
202616,971 
202715,494 
202814,357 
202911,343 
20309,754 
Thereafter15,411 
Total lease payments87,945 
Less: imputed interest (1)
(11,119)
$76,826 
(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated due to a lease reassessment event.
Cash flow information
Nine Months Ended
September 30,
(in thousands)20252024
Cash paid for operating leases, net of tenant improvement allowances$14,502 $13,249 
Right of use assets recognized for new leases and amendments (non-cash)$4,765 $12,290