Note 11 - Operating Leases

The Company leases distribution and research and development facilities as well as sub-leases office and manufacturing space from third parties and related parties (refer to Note 17 - Related Party Transactions) under its operating leases. The leases have expirations ranging from March 2026 to January 2030, some of which include rent escalations or an option to extend the lease for up to three years per renewal. The exercise of lease renewal options is at the sole discretion of the Company. Where leases contain an option to renew, any period beyond the option date is only included as part of the lease term if the Company is reasonably certain to exercise the option.

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As of June 30, 2025 and December 31, 2024, the Company does not have any finance or short-term leases and has not entered into leases which have not yet commenced that would entitle the Company to significant rights or create additional obligations during the periods as of June 30, 2025 and December 31, 2024.

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The following table summarizes quantitative information of the Company’s operating leases for the three and six months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor):

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As of June 30, 2025 (Successor), the weighted average remaining lease term for the Company’s operating leases was 4.2 years, and the weighted average discount rate used to determine the present value of the Company’s operating leases was 8.0%.

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Operating lease cost was $107.0 thousand, $181.0 thousand, $55.0 thousand, and $102.0 thousand for the three and six months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor), respectively. The Company did not incur any variable lease cost for the three and six months ended June 30, 2025 (Successor) and June 30, 2024 (Predecessor).

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The following table presents the future minimum payments under the non-cancelable operating leases as of June 30, 2025 (in thousands):

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