Leases
Company Headquarters (Waltham, MA)
In April 2021, the Company entered into a sublease agreement for office and storage space for its corporate headquarters located at 500 Totten Pond Road in Waltham, MA. The Company entered into an amendment to the sublease agreement during the three months ended September 30, 2023 in order to lease additional space within the building. During the three months ended March 31, 2024, the Company amended the lease agreement to extend the term through October 31, 2025, with the option to further extend through June 30, 2031 with written notice. During the three months ended September 30, 2024, the Company amended the lease agreement to expand our footprint in our headquarters and extend our lease until May 31, 2031. As a result of this amendment, no further option exists to extend the lease.
Storage Facilities
The Company additionally leases storage space on a month-to-month basis that is classified as short-term leases.
Operating lease cost recognized during the years ended December 31, 2025 and December 31, 2024 was $3.0 million and $2.1 million, respectively. Cash paid for amounts included in the measurement of lease liabilities for the years ended December 31, 2025 and December 31, 2024 was $2.3 million and $1.8 million, respectively.
The weighted-average remaining lease term and discount rate were as follows:
| | | | | | | | | | | |
| December 31, |
| 2025 | | 2024 |
| Weighted average remaining lease term | 5.4 years | | 6.4 years |
| Weighted average discount rate | 9.24 | % | | 9.23 | % |
Future annual lease payments under non-cancelable operating leases as of December 31, 2025 were as follows (in thousands):
| | | | | |
| Year Ended December 31: | |
| |
| 2026 | $ | 2,963 | |
| 2027 | 3,105 | |
| 2028 | 3,199 | |
| 2029 | 3,292 | |
| 2030 | 3,386 | |
| 2031 | 1,445 | |
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| |
| |
| |
| Total future lease payments | 17,390 | |
| Less: imputed interest | (3,747) | |
| Present value of operating lease liability | $ | 13,643 | |