Monrovia, California: The Company leases office and laboratory space in Monrovia, California. The lease term was set to expire in December 2025 and provided an option to renew the entire premises for an additional five-year term, which the Company elected not to exercise. Instead, on August 8, 2025, the Company entered into a seventh amendment to the lease agreement to extend the term for one year, effective January 1, 2026 through December 31, 2026.

Pasadena, California: In June 2021, the Company entered into a lease agreement for laboratory and office space in Pasadena, California, with a lease term through July 2035 and no renewal option. The lease includes two phases: Phase 1 commenced on August 1, 2022, and Phase 2 commenced on December 1, 2022.

The lease provides tenant improvement allowances of up to $17.0 million for Phase 1 and $3.3 million for Phase 2. In August 2022, the lease was amended to provide an additional $5.0 million in Phase 1 improvement allowance in exchange for an increase in rent.

On December 18, 2025, the Company entered into a sublease agreement to sublease a portion of its space to a third party. The sublease term commenced on February 1, 2026 and expires on January 31, 2031. Sublease income is recognized on a straight-line basis over the sublease term and is recorded as other income in the consolidated statements of operations and comprehensive loss. The Company recognized sublease income of $0.4 million and $0.8 million during the three and six months ended June 30, 2026, respectively.

The Company continues to account for the head lease as an operating lease and remains primarily obligated under the original lease agreement. Future minimum sublease receipts as of June 30, 2026 are as follows:


Year	Amounts
	(in thousands)
For the remainder of 2026	$	914
2027	1,721
2028	1,772
2029	1,826
2030	1,880
2031 and thereafter	171
Total	$	8,284

San Diego, California: In August 2023, the Company entered into a sublease agreement for office space in San Diego, California, with a lease term from September 2023 through December 2027. As part of the sublease, the Company issued a $0.4 million letter of credit to the landlord, secured by a cash collateral account classified as restricted cash on the consolidated balance sheets. The amount of the letter of credit will decrease over the lease term.

The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. The components of lease assets and liabilities along with their classification on the Company’s consolidated balance sheets were as follows:


Lease Assets and Liabilities	Classification	June 30, 2026		December 31, 2025
		(in thousands)
Operating lease assets	Right-of-use assets	$	35,986	$	37,592
Current operating lease liabilities	Lease liabilities	$	3,917	$	3,263
Non-current operating lease liabilities	Lease liabilities, net of current portion	$	61,295	$	64,735

The following table presents maturities of operating lease liabilities on an undiscounted basis as of June 30, 2026:


Year	Amounts
	(in thousands)
For the remainder of 2026	$	2,663
2027	9,759
2028	9,276
2029	9,531
2030	9,794
2031 and thereafter	48,436
Total	89,459
Less: Imputed interest	(24,247)
Total operating lease liabilities (includes current portion)	$	65,212


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026			2025
	(in thousands)
Operating lease cost	$	1,986	$	1,852	$	3,973		$	3,733
Variable lease cost	301		135		607			443
Total lease costs	$	2,287	$	1,987	$	4,580		$	4,176


Cash paid for amounts included in the measurement of lease liabilities	$	2,576	$	1,714	$	5,153		$	3,428

					June 30,
					2026			2025
Weighted-average remaining lease term (in years)					8.9 years			9.9 years
Weighted-average discount rate (%)					7.0		%	7.0		%