12. COMMITMENTS AND CONTINGENCIES

Operating Leases

We have a sublease agreement with Atara entered in October 2022 to sublease an office space currently used as headquarters located in South San Francisco, California. Subject to the terms of the sublease agreement, the lease term commenced in November 2022 and shall expire in May 2025. As of December 31, 2024, the future minimum lease payments related to our sublease agreement with Atara amounted to $0.3 million, and the weighted average remaining term of the lease was 0.42 years.

In February 2025, we entered into a lease agreement with 611 Gateway to lease the same office space currently subleased from Atara. Subject to the terms of the lease agreement, the lease term shall commence following the expiration of the sublease with Atara and shall expire in July 2027. Future minimum lease payments related to such lease amounted to approximately $1.4 million, of which, $0.3 million, $0.7 million and $0.4 million are due for the years ending December 31, 2025, 2026 and 2027, respectively.

We previously leased our prior headquarters office space located in South San Francisco, California with Healthpeak Properties, Inc. (formerly known as HCP BTC, LLC), and had a sublease agreement with an unrelated third-party to sublet a portion of the leased facility. Both the lease and the sublease expired in January 2023.

The components of our operating lease expense were as follows (in thousands):

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Supplemental information related to our operating lease expense was as follows (in thousands):

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Supplemental information related to our operating sublease was as follows (in thousands):

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Purchase Commitments and Obligations

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In the ordinary course of business, we enter into agreements with contract manufacturers to manufacture our inventory products. Although the agreements generally provide a termination clause with or without cause, we may still be subjected to payment of cancellation fees. The level of cancellation fees is generally dependent on the timing of the written notice in relation to the commencement of work, with the maximum cancellation fees equal to the full price of the work order. In October 2024, we entered into an agreement with a third-party contract manufacturer to manufacture TAVALISSE that is expected to be delivered starting in 2026 through 2029. As of December 31, 2024, the contractual obligation not included in our financial statements related an agreement that may potentially be subjected to cancellation fees amounted to approximately $24.1 million, with approximately $6.8 million due in one year and $9.3 million due within two to three years. As of December 31, 2024, we have not incurred any cancellation fees under our agreements with contract manufacturers

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Legal Contingencies

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From time to time, we may become involved in legal proceedings arising in the ordinary course of our business. We are not presently a party to any material legal proceedings that, if determined adversely us, would have a material adverse effect on us. For more information, see “Part I, Item 3, Legal Proceedings” of this Annual Report on Form 10-K.