v3.26.1
LEASES (Tables)
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Schedule of Assets and Liabilities Related to Operating and Finance Leases
The following table presents the assets and liabilities related to the Company’s operating and finance leases as of March 31, 2026 and December 31, 2025:

(in thousands)
March 31, 2026
December 31, 2025
Assets
Balance Sheet Classification
Operating lease right-of-use (“ROU”) assetsOperating lease right-of-use assets$34,221 $32,324 
Finance lease ROU assets
Property and equipment, net2,840 2,847 
Total ROU assets
$37,061 $35,171 
Liabilities
Current portion:
Operating lease liabilities
Operating lease liabilities, current portion$2,617 $1,722 
Finance lease liability
Finance lease liability, current portion173 173 
Long-term portion:
Operating lease liabilitiesOperating lease liabilities, net of current portion41,184 39,714 
Finance lease liabilityFinance lease liability, net of current portion3,817 3,817 
Total lease liabilities$47,791 $45,426 
Schedule of Total Lease Expense and Leasing Activities
Lease costs are recorded on a straight-line basis within operating expenses. The Company’s total lease expenses are comprised of the following:

Three Months Ended March 31,
(in thousands)20262025
Lease costs:
Operating lease cost$1,478 $1,012 
Finance lease cost:
Amortization of ROU asset (1)
7 7 
Interest on lease liabilities— — 
Short-term lease rent expense64 145 
Variable lease cost22,282 22,282 
Total rent expense$23,831 $23,446 

(1) Amortization of finance lease ROU asset is included in “Depreciation and amortization” on the Condensed Consolidated Statements of Operations.
Additional information regarding the Company’s leasing activities is as follows:

Three Months Ended March 31,
20262025
Operating cash flows from operating leases$468$492
Weighted-average remaining lease term (in years):
Operating leases18.717.5
Finance lease95.096.0
Weighted-average discount rate:
Operating leases7.2 %7.2 %
Finance lease7.2 %7.2 %
Schedule of Future Minimum Operating Lease Payments
The following table presents the Company’s future minimum lease payments as of March 31, 2026:
 
(in thousands)
YearOperating LeasesFinance Lease
2026 (remaining)$3,921 $173 
20276,631 178 
20286,356 183 
20296,227 189 
20306,192 194 
Thereafter48,229 88,714 
Total77,556 89,631 
Less: Imputed interest (33,755)(85,641)
Present value of lease liability
$43,801 $3,990