Absci CorpABSI

Absci Corp Leases Disclosure

10-KFiled Mar 24, 20262 min read
Leases
Facility leases
The Company leases its corporate headquarters and primary research and development facility located in Vancouver, Washington in a 77,974 square foot facility that includes general administrative office and laboratory space. The corporate headquarters lease initially commenced in December 2020, amended in 2021, and ends in April 2028, with an option to renew the lease for an additional five-year term, at then-current market rates. As part of the lease agreement, the lessor provided tenant incentives in the amount of $3.1 million. For the Company’s facility lease agreement, the Company is responsible for taxes, insurance and maintenance costs. The Company is party to certain short-term leases having a term of twelve months or less at the commencement date.
The components of lease expense are as follows (in thousands):
For the Years Ended December 31,
20252024
Operating lease cost1,629 1,716 
Variable lease cost385 446 
Short-term lease cost138 203 
$2,152 $2,365 
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows related to operating leases
$2,036 $2,266 
Future undiscounted lease payments for the Company’s lease liabilities as of December 31, 2025 are as follows (in thousands):
Operating leases
2026$2,098 
20272,101 
2028672 
Total future lease payments4,871 
Less: Imputed interest(442)
Present value of lease liabilities$4,429 
Additional information related to the Company’s leases is as follows:
December 31, 2025December 31, 2024
Weighted average remaining lease term (in years)
Operating leases2.23.2
Weighted average discount rate
Operating leases8 %8 %
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Historical Timeline

Fiscal YearFiled
2025Mar 24, 2026Showing above
2024Mar 18, 2025
2023Mar 21, 2024
2022Mar 30, 2023
2021Mar 22, 2022

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

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