Note 9 - Lease Liabilities

3 Months Ended

Mar. 31, 2026

Note 9—Lease Liabilities

We have an operating lease for our office and laboratory facilities with an initial term that ends in November 2027 and two options to extend the lease term, each by an additional five years. Restricted investments of $1.1 million represent the security deposit on our office and laboratory facilities. We have finance leases for certain laboratory and office equipment that have lease terms expiring through October 2029.

Supplemental lease information is as follows:

	Three Months Ended
	March 31,
	2026			2025
	(In thousands)
Lease cost
Operating lease cost	$	1,488		$	1,680
Finance lease cost:
Amortization		186			234
Interest		37			51
Variable lease cost		985			950
Sublease income		(60	)		(411	)
Net lease cost	$	2,636		$	2,504

The supplemental cash flow information related to leases is as follows:

	Three Months Ended
	March 31,
	2026		2025
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Cash payments for operating leases	$	1,641	$	1,722
Cash payments for financing leases		213		207