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 December 31, 2025, the Company did not have any related party leases. The sublease agreement with Fjord expired on March 31, 2024. Refer to Note 17 - Related Party Transactions for additional information.

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As of December 31, 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 as of December 31, 2025 and December 31, 2024.

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The following table summarizes quantitative information of the Company’s operating leases for the year ended December 31, 2025 and for the periods from January 1, 2024 to July 30, 2024 (Predecessor) and from July 31, 2024 to December 31, 2024 (Successor):

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The Company did not incur any variable lease cost for the year ended December 31, 2025 (Successor) and for the periods from January 1, 2024 to July 30, 2024 (Predecessor) and from July 31, 2024 to December 31, 2024 (Successor).

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The following table presents the future minimum payments under the non-cancellable operating leases as of December 31, 2025 (in thousands):

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