Operating leases |
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| Operating leases |
Note 8 — Operating leases The following table shows the lease costs for the years ended December 31, 2024 and 2023 (in thousands):
The maturities of operating lease liabilities as of December 31, 2024 are as follows (in thousands):
The Company has operating leases in relation to property for office, manufacturing and research facilities. The maximum lease term without activation of termination options is to 2041. On June 1, 2023, as part of the acquisition of TCR2, the Company became the lessee of three office, manufacturing and research facilities in Cambridge, Massachusetts. The Company retained TCR2’s previous classification for two of these leases as operating leases and, upon acquisition, the lease liabilities were measured at the present value of the remaining lease payments, as if the lease were a new lease of the Company at June 1, 2023. The right-of-use assets were initially measured at the same amount as the respective lease liabilities, adjusted to reflect favorable or unfavorable terms of the leases when compared with market terms. The third lease had a remaining lease term of less than 12 months as of June 1, 2023, and the Company elected not to recognize a lease liability or right-of-use asset as of June 1, 2023. The rent associated with this lease was recognized on a straight-line basis over the remainder of the lease term. Following the approval of TECELRA on August 1, 2024, the Company reassessed the conclusion about whether break and extension options would be exercised in determining the ASC 842 Leases (“ASC 842”) lease term for its property in Philadelphia. As a result, the Company extended the ASC 842 lease term which resulted in a remeasurement of the lease liability using the current estimate of the Company’s incremental borrowing rate. The amount of the remeasurement of the lease liability has been recognized as an adjustment to the corresponding right-of-use asset. The effect of the remeasurement was to increase the lease liability and the corresponding right-of-use asset by $2,742,000. |
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