v3.26.1
Leases
6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases

5. LEASES

Our operating leases primarily consist of offices and lab space, machinery, equipment, and vehicles. We terminated certain leases in the U.S. and other international locations during the six months ending June 30, 2026 and 2025. See Note 12 - Other (Income) Expense, net for additional information regarding lease termination costs.

The components of lease expense and other information are as follows (in thousands):

 

 

Three Months Ended

 

 

Six Months Ended

 

 

 

June 30,

 

 

June 30,

 

 

 

2026

 

 

2025

 

 

2026

 

 

2025

 

Consolidated Statements of Operations:

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease expense

 

$

4,294

 

 

$

4,168

 

 

$

8,769

 

 

$

8,346

 

Short-term lease expense

 

 

470

 

 

 

392

 

 

 

881

 

 

 

881

 

Variable lease expense

 

 

481

 

 

 

378

 

 

 

960

 

 

 

859

 

Total lease expense

 

$

5,245

 

 

$

4,938

 

 

$

10,610

 

 

$

10,086

 

Consolidated Statements of Cash Flows:

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows - operating leases payments

 

$

5,184

 

 

$

4,689

 

 

$

9,615

 

 

$

8,895

 

Right of use assets obtained in exchange for
operating lease liabilities

 

$

1,725

 

 

$

721

 

 

$

6,079

 

 

$

4,876

 

Other information:

 

 

 

 

 

 

 

 

 

 

 

 

Weighted-average remaining lease term - operating leases

 

7.73 years

 

 

8.36 years

 

 

7.73 years

 

 

8.36 years

 

Weighted-average discount rate - operating leases

 

 

5.46

%

 

 

5.47

%

 

 

5.46

%

 

 

5.47

%

 

Scheduled undiscounted lease payments for non-cancellable operating leases consist of the following (in thousands):

 

 

June 30, 2026

 

 

 

Operating Leases

 

Remainder of 2026

 

$

7,456

 

2027

 

 

12,643

 

2028

 

 

9,959

 

2029

 

 

6,501

 

2030

 

 

4,571

 

Thereafter

 

 

22,922

 

Total undiscounted lease payments

 

 

64,052

 

Less: Imputed interest

 

 

(12,798

)

Total operating lease liabilities

 

$

51,254