Leases

6 Months Ended

Jun. 30, 2026

Note 5–Leases

The Company leases certain facilities from a related party, which is a company affiliated with it through common ownership. The costs for these leases are presented within short-term lease cost in the below table.

As of June 30, 2026, there were no additional significant operating leases that have not yet commenced. Refer to the following table for quantitative information related to the Company’s leases for the three and six months ended June 30, 2026 and 2025 (dollars in thousands):


	Three Months Ended June 30, 2026						Six Months Ended June 30, 2026
	Related Parties		Others		Total		Related Parties		Others		Total
Lease Cost
Capitalized operating lease cost	$	—	$	496	$	496	$	—	$	1,017	$	1,017
Short-term lease cost		419		192		611		837		333		1,170
Total lease cost	$	419	$	688	$	1,107	$	837	$	1,350	$	2,187

Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	391	$	391	$	—	$	854	$	854
Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	—	$	555	$	555	$	—	$	6,611	$	6,611

Weighted-average remaining lease term (in years):
Capitalized operating leases								—		6.51		6.51

Weighted-average discount rate:
Capitalized operating leases								0.00%		4.64%		4.64%

	Three Months Ended June 30, 2025						Six Months Ended June 30, 2025
	Related Parties		Others		Total		Related Parties		Others		Total
Lease Cost
Capitalized operating lease cost	$	—	$	461	$	461	$	—	$	922	$	922
Short-term lease cost		420		148		568		840		296		1,136
Total lease cost	$	420	$	609	$	1,029	$	840	$	1,218	$	2,058

Other Information
Cash paid for amounts included in the measurement of lease liabilities and capitalized operating leases:
Operating cash flows	$	—	$	512	$	512	$	—	$	1,025	$	1,025

Weighted-average remaining lease term (in years):
Capitalized operating leases								—		1.63		1.63

Weighted-average discount rate:
Capitalized operating leases								0.00%		4.32%		4.32%

As of June 30, 2026, future lease payments over the remaining term of capitalized operating leases were as follows (in thousands):


For the Years Ended December 31,
2026, excluding the six months ended June 30, 2026	$	131
2027		1,543
2028		1,404
2029		1,285
2030		1,281
Thereafter		3,240
	$	8,884

Imputed interest	$	(1,338)
Lease liability balance at June 30, 2026	$	7,546

As of June 30, 2026, the right-of-use, or ROU, asset had a balance of $7,315. The long-term lease liability was $6,677 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $869. As of December 31, 2025, the ROU asset had a balance of $1,569. The long-term lease liability was $498 and the short-term lease liability, which is included in accrued expenses and other liabilities on the condensed consolidated balance sheets, was $1,290.