LEASES (Tables)

3 Months Ended

Mar. 31, 2025

Schedule of balance sheet classification of the Company's right-of-use asset and lease liabilities

The balance sheet classification of the Company’s right-of-use asset and lease liabilities was as follows (in thousands):


		March 31,			December 31,
		2025			2024
Operating lease right-of-use assets		$	50,903		$	55,201
Operating lease liabilities
Current portion included in current liabilities		$	8,499		$	12,896
Long-term portion included in non-current liabilities			44,220			44,365
Total operating lease liabilities		$	52,719		$	57,261

Schedule of components of lease expenses

The following table summarizes the components of lease expenses, which were included in total costs and expenses in the Company’s condensed consolidated statements of operations and in inventory in the condensed consolidated balance sheets, and other information related to the Company’s operating leases as follows (in thousands except weighted-average remaining lease terms and discount rates):


		Three Months Ended
		March 31,
		2025			2024
Operating lease cost		$	3,967		$	3,797
Variable lease cost			942			1,608
Short-term lease cost			105			56
Total lease cost		$	5,014		$	5,461

Other information
Cash paid for amounts included in the measurement of lease liabilities included in cash flows from operations		$	4,210		$	4,290
Increase(Decrease) in right-of-use assets from lease modifications		$	(1,429)		$	11,297
Weighted-average remaining lease terms (years)			13.65			11.72
Weighted-average discount rates			7.8	%		7.8

Schedule of minimum lease commitments

As of March 31, 2025, the maturities of the Company’s operating lease liabilities were as follows (in thousands):


					CMO
		Facility			embedded
Year Ending December 31,		leases			leases			Total
2025		$	4,387		$	6,433		$	10,820
2026			5,490			—			5,490
2027			4,345			—			4,345
2028			4,432			—			4,432
2029			4,520			—			4,520
Thereafter			58,004			—			58,004
Total lease payments		$	81,178		$	6,433		$	87,611
Less: Present value adjustment			(34,607)			(285)			(34,892)
Operating lease liabilities		$	46,571		$	6,148		$	52,719