v3.26.1
Leases
 6 Months Ended
Jun. 30, 2026
Leases [Abstract]  
Leases Leases
We have various noncancelable operating lease agreements for office, lab, warehouse and manufacturing space with original remaining lease terms of three years to twenty years, some of which include an option to extend the lease term for up to ten years. Because the Company is not reasonably certain to exercise the renewal options on these lease arrangements, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants.
We also have finance lease agreements for manufacturing equipment and land with initial terms of ten years and twenty years, with options to extend the lease terms by the corresponding number of years, which the Company is not reasonably certain to exercise. The manufacturing equipment agreement does not include termination options for either party to the lease or restrictive financial or other covenants. The land agreement contains termination options that are not wholly within the control of the Company, and therefore, are not considered as part of the term of the lease.
Weighted-average remaining lease term (in years) and discount rate related to operating and finance leases were as follows:
As of June 30, 2026
Operating Leases
Finance Lease
Weighted-average remaining lease term17.299.77
Weighted-average discount rate8.4 %8.6 %
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments.
Maturities of lease liabilities under noncancelable operating leases and finance leases as of June 30, 2026 were as follows:
As of June 30, 2026
Operating Leases
Finance Lease
2026 (1)
$3,945 $2,111 
20277,167 4,810 
20286,464 4,831 
20296,540 4,852 
2030 and beyond108,463 27,379 
Total lease payments$132,579 $43,983 
Less: Imputed interest(66,344)(15,004)
Present value of lease liabilities$66,235 $28,979 
(1)Excluding the six months ended June 30, 2026.
A summary of lease costs for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Operating Lease:
Lease costCost of goods sold and selling, general and administrative$2,236 $828 $4,472 $1,201 
Finance Lease:
Amortization of right of use assetCost of goods sold and selling, general and administrative$802 $800 $1,602 $1,512 
Interest on lease liabilitiesInterest expense$628 $675 $1,268 $1,217 
Variable lease cost (2)
Inventory/Cost of goods sold (2)
$6,648 $5,636 $12,784 $10,918 
(2)Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. For the three and six months ended June 30, 2026, $6,648 and $12,784, respectively, and for the three and six months ended June 30, 2025, $5,636 and $10,918, respectively, of variable lease cost were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns.
Supplemental balance sheet information related to leases as of June 30, 2026 and December 31, 2025 are as follows:
As of June 30, 2026As of December 31, 2025
Assets:
Operating leasesOperating lease right of use assets$64,786 $66,424 
Finance lease, netProperty, plant and equipment, net26,719 28,323 
Total lease assets$91,505 $94,747 
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$2,189 $2,241 
Finance lease liabilitiesCurrent finance lease liabilities2,397 2,315 
Non-current:
Operating lease liabilitiesLong term operating lease liabilities64,046 65,023 
Finance lease liabilitiesLong term finance lease liabilities26,582 28,075 
Total lease liabilities$95,214 $97,654 
Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows:
Six Months Ended
June 30,
Operating cash flow information:20262025
Cash paid for amounts included in the measurement of operating lease liabilities$3,865 $1,140 
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)$1,124 $1,073 
Finance cash flow information:
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)$1,556 $1,037 
Leases Leases
We have various noncancelable operating lease agreements for office, lab, warehouse and manufacturing space with original remaining lease terms of three years to twenty years, some of which include an option to extend the lease term for up to ten years. Because the Company is not reasonably certain to exercise the renewal options on these lease arrangements, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants.
We also have finance lease agreements for manufacturing equipment and land with initial terms of ten years and twenty years, with options to extend the lease terms by the corresponding number of years, which the Company is not reasonably certain to exercise. The manufacturing equipment agreement does not include termination options for either party to the lease or restrictive financial or other covenants. The land agreement contains termination options that are not wholly within the control of the Company, and therefore, are not considered as part of the term of the lease.
Weighted-average remaining lease term (in years) and discount rate related to operating and finance leases were as follows:
As of June 30, 2026
Operating Leases
Finance Lease
Weighted-average remaining lease term17.299.77
Weighted-average discount rate8.4 %8.6 %
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments.
Maturities of lease liabilities under noncancelable operating leases and finance leases as of June 30, 2026 were as follows:
As of June 30, 2026
Operating Leases
Finance Lease
2026 (1)
$3,945 $2,111 
20277,167 4,810 
20286,464 4,831 
20296,540 4,852 
2030 and beyond108,463 27,379 
Total lease payments$132,579 $43,983 
Less: Imputed interest(66,344)(15,004)
Present value of lease liabilities$66,235 $28,979 
(1)Excluding the six months ended June 30, 2026.
A summary of lease costs for the three and six months ended June 30, 2026 and 2025 were as follows:
Three Months Ended
June 30,		Six Months Ended
June 30,
2026202520262025
Operating Lease:
Lease costCost of goods sold and selling, general and administrative$2,236 $828 $4,472 $1,201 
Finance Lease:
Amortization of right of use assetCost of goods sold and selling, general and administrative$802 $800 $1,602 $1,512 
Interest on lease liabilitiesInterest expense$628 $675 $1,268 $1,217 
Variable lease cost (2)
Inventory/Cost of goods sold (2)
$6,648 $5,636 $12,784 $10,918 
(2)Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. For the three and six months ended June 30, 2026, $6,648 and $12,784, respectively, and for the three and six months ended June 30, 2025, $5,636 and $10,918, respectively, of variable lease cost were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns.
Supplemental balance sheet information related to leases as of June 30, 2026 and December 31, 2025 are as follows:
As of June 30, 2026As of December 31, 2025
Assets:
Operating leasesOperating lease right of use assets$64,786 $66,424 
Finance lease, netProperty, plant and equipment, net26,719 28,323 
Total lease assets$91,505 $94,747 
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$2,189 $2,241 
Finance lease liabilitiesCurrent finance lease liabilities2,397 2,315 
Non-current:
Operating lease liabilitiesLong term operating lease liabilities64,046 65,023 
Finance lease liabilitiesLong term finance lease liabilities26,582 28,075 
Total lease liabilities$95,214 $97,654 
Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows:
Six Months Ended
June 30,
Operating cash flow information:20262025
Cash paid for amounts included in the measurement of operating lease liabilities$3,865 $1,140 
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)$1,124 $1,073 
Finance cash flow information:
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)$1,556 $1,037