v3.26.1
LEASES
6 Months Ended
Jun. 30, 2026
LEASES  
LEASES

8.

LEASES

The Company has operating leases that primarily relate to operating facilities in both the United States and Germany. The Company leases its operating facilities under operating lease arrangements with varying expiration dates through March 2037. As of June 30, 2026, the remaining lease term of the Company’s operating leases ranges from six to twelve years.

Supplemental statements of operations and cash flows related to the operating lease liability is as follows (excluding variable payments and expenses):

  ​ ​ ​

Six Months Ended June 30, 

  ​ ​ ​

2026

  ​ ​ ​

2025

(amounts, in thousands)

Cash paid in connection with the operating leases

$

863

$

843

Supplemental balance sheet information related to operating leases is as follows:

June 30, 

December 31, 

  ​ ​ ​

2026

  ​ ​ ​

2025

(amounts, in thousands)

Right-of-use asset

$

10,612

$

10,924

Lease liability - current portion

$

589

$

541

Lease liability - net of current portion

11,596

11,903

Total lease liability

$

12,185

$

12,444

Weighted average discount rate

 

9.8

%

9.8

%

Weighted average remaining lease term

10.3 years

11.4 years

Lease Expense

The components of lease expense were as follows:

  ​ ​ ​

Three Months Ended June 30, 

2026

  ​ ​ ​

2025

(amounts, in thousands)

Operating lease cost

$

470

$

408

Variable lease cost

177

46

Total lease cost

$

647

$

454

  ​ ​ ​

Six Months Ended June 30, 

2026

  ​ ​ ​

2025

(amounts, in thousands)

Operating lease cost

$

922

$

845

Variable lease cost

349

149

Total lease cost

$

1,271

$

994

As of June 30, 2026, the maturities of the operating lease liability are as follows:

Remainder of 2026

  ​ ​ ​

$

873

2027

 

1,777

2028

 

1,819

2029

 

1,863

2030

 

1,907

Thereafter

 

11,643

Future operating lease payments

19,882

Imputed interest

(7,697)

Total operating lease liability

$

12,185