Subsequent Events

3 Months Ended

Mar. 31, 2024

Subsequent Events [Abstract]

Subsequent Events

Subsequent Events

In April 2024, the Company entered into a sublease agreement with Turning Point Therapeutics, Inc. to rent 105,000 square feet for office and laboratory space for the Company’s future corporate headquarters. The term of the sublease is approximately 9 years and 9 months with payments beginning in August 2025. Pursuant to the terms of the sublease agreement, the landlord will provide the Company with a tenant improvement allowance of up to $33.6 million. Additional tenant improvement allowance of up to $5.0 million is also available to be repaid in equal installments through monthly rent, subject to 8% interest per annum and annual increases

of 3% per annum. The Company also has an option and right of first refusal for an additional 80,000 of rentable square feet in an adjacent available building, which has not been exercised. Total aggregate future lease commitments under the lease were approximately $72.6 million, inclusive of 3% annual rent increase and various agreed upon rent abatement amounts.

In connection with the sublease, the Company is required to maintain a letter of credit for the benefit of the landlord in the amount of $2.5 million, which was delivered in April 2024 and will be included in restricted cash in the Company’s condensed balance sheet.