v3.25.2
Lease Obligations
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
Lease Obligations Lease Obligations
The Company leases certain assets under operating leases, which primarily consist of real estate leases, and finance leases, which generally consist of laboratory equipment leases and office equipment leases, as of June 30, 2025. The Company’s real estate agreements expire at various times between 2026 through 2033 and include renewal options that range from three to five years in length.
Lease expense under operating and finance leases was as follows (in thousands):
Three Months Ended June 30,Six Months Ended June 30,
2025202420252024
Operating lease expense$526 $582 $1,070 $1,172 
Finance lease expense:
Amortization of right-of-use assets$554 $416 $1,092 $823 
Interest on lease liabilities90 73 184 150 
Total finance lease expense$644 $489 $1,276 $973 
Other supplemental information related to leases was as follows:
June 30, 2025December 31, 2024
Weighted average remaining lease term:
Operating leases9.9 years9.0 years
Finance leases2.6 years2.6 years
Weighted average discount rate:
Operating leases10.71 %10.91 %
Finance leases9.42 %8.66 %
The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s operating leases (in thousands):
Balance Sheet LocationJune 30, 2025December 31, 2024
Operating lease assets:
Operating lease assets, netRight of use assets$7,916 $8,061 
Operating lease liabilities:
Current operating lease liabilitiesOperating lease liabilities – current liabilities$392 $937 
Non-current operating lease liabilitiesOperating lease liabilities – long-term liabilities8,489 7,924 
Total operating lease liabilities$8,881 $8,861 
The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s finance leases (in thousands):
Balance Sheet LocationJune 30, 2025December 31, 2024
Finance lease assets:
Finance lease assets, netRight of use assets$3,630 $3,947 
Finance lease liabilities:
Current finance lease liabilitiesFinance lease liabilities – current liabilities$1,616 $1,835 
Non-current finance lease liabilitiesFinance lease liabilities – long-term liabilities2,043 2,124 
Total finance lease liabilities$3,659 $3,959 
Operating lease assets are recorded net of accumulated amortization of $2,265 and $6,065 as of June 30, 2025 and December 31, 2024, respectively. Finance lease assets are recorded net of accumulated amortization of $4,988 and $4,059 as of June 30, 2025 and December 31, 2024, respectively.
Maturities of lease liabilities as of June 30, 2025 are as follows (in thousands):
Operating LeasesFinance Leases
2025 (remaining)$464 $1,082 
20261,153 1,512 
20271,462 1,042 
20281,506 478 
20291,537 23 
Thereafter9,024 — 
Total lease payments15,146 4,137 
Less imputed interest(6,265)(478)
Total$8,881 $3,659 
Supplemental cash flow information related to leases was as follows (in thousands):
Six Months Ended June 30,
20252024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases$184 $150 
Operating cash flows for operating leases$903 $1,084 
Operating lease assets obtained in exchange for operating lease liabilities:$280 $156 
Finance lease assets obtained in exchange for finance lease liabilities:$844 $155 
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:$786 $365