Leases

3 Months Ended

Jun. 30, 2024

The Company has entered into operating leases for its corporate offices, lab facilities, and storage spaces, with remaining contractual periods ranging from 1.5 years to 7.1 years. For the Company’s facility in Sunnyvale, California, there is an option to extend the lease for a period of seven years. The Company is not reasonably certain that it will exercise this option and therefore it is not included in its right-of-use (“ROU”) assets and lease liabilities as of June 30, 2024. The Company did not have any finance leases for the periods presented.

For the three months ended June 30, 2024 and 2023, the Company recorded operating lease costs of $3.3 million and $3.4 million, respectively, and variable operating lease costs of $1.5 million and $1.3 million, respectively.

As of June 30, 2024, the future minimum lease payments included in the measurement of the Company’s operating lease liabilities were as follows:


	June 30, 2024
	(in thousands)
Fiscal years ending March 31,
Remainder of 2025 (Remaining nine months)	$	10,416
2026	15,946
2027	15,472
2028	11,666
2029	12,016
Thereafter	29,413
Total future operating lease payments	94,929
Less: imputed interest	(20,766)
Total operating lease liabilities	$	74,163