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Note 8 — Operating leases

The following table shows the lease costs for the years ended December 31, 2023 and 2022 (in thousands):

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The maturities of operating lease liabilities as of December 31, 2023 are as follows (in thousands):

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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 will be recognized on a straight-line basis over the remainder of the lease term.