| Summary of Operating and Finance Lease Activities |
The following table summarizes the operating and finance lease activities to the condensed consolidated statements of comprehensive loss and balance sheets for the periods ended June 30, 2026 and 2025:
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(in thousands) |
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Three Months Ended June 30, |
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Six Months Ended June 30, |
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Operating lease cost |
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Classification |
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2026 |
|
|
2025 |
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|
2026 |
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|
2025 |
|
Operating lease cost |
|
Occupancy and related expenses, and General and administrative expenses |
|
$ |
3,944 |
|
|
$ |
3,587 |
|
|
$ |
7,839 |
|
|
$ |
6,972 |
|
Variable lease cost |
|
Occupancy and related expenses, and General and administrative expenses |
|
|
1,690 |
|
|
|
1,661 |
|
|
|
3,705 |
|
|
|
3,459 |
|
Total operating lease cost |
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|
|
$ |
5,634 |
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|
$ |
5,248 |
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|
$ |
11,544 |
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|
$ |
10,431 |
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Supplemental balance sheet information related to leases: |
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Operating leases (in thousands) |
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June 30, 2026 |
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December 31, 2025 |
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Operating lease assets |
|
$ |
139,519 |
|
|
$ |
146,473 |
|
Operating lease liabilities, current |
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|
6,305 |
|
|
|
6,707 |
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Operating lease liabilities, net of current portion |
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|
157,848 |
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|
165,879 |
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Total operating lease liabilities |
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$ |
164,153 |
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$ |
172,586 |
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Finance lease assets, net (in thousands) |
|
June 30, 2026 |
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|
December 31, 2025 |
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Property and equipment, finance leases |
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$ |
26 |
|
|
$ |
26 |
|
Accumulated depreciation, finance leases |
|
|
(7 |
) |
|
|
(4 |
) |
Property and equipment, net finance leases |
|
$ |
19 |
|
|
$ |
22 |
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Finance lease liabilities (in thousands) |
|
June 30, 2026 |
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|
December 31, 2025 |
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Obligations under finance leases, current |
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$ |
9 |
|
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$ |
8 |
|
Obligations under finance leases, net of current portion |
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|
10 |
|
|
|
14 |
|
Total finance lease liabilities |
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$ |
19 |
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$ |
22 |
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June 30, 2026 |
|
Weighted-Average Remaining Lease Term (Years) |
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Operating leases |
|
|
15.1 |
|
Finance leases |
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|
2.1 |
|
Weighted-Average Discount Rate |
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|
Operating leases |
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|
6.97 |
% |
Finance leases |
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|
7.05 |
% |
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| Schedule Maturities of Lease Liabilities |
Maturities of lease liabilities as of June 30, 2026:
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(in thousands) |
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Operating Leases |
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|
Finance Leases |
|
2026 |
|
$ |
8,212 |
|
|
$ |
5 |
|
2027 |
|
|
17,210 |
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|
|
9 |
|
2028 |
|
|
17,456 |
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|
6 |
|
2029 |
|
|
17,725 |
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|
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— |
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2030 |
|
|
17,848 |
|
|
|
— |
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Thereafter |
|
|
201,420 |
|
|
|
— |
|
Total undiscounted lease payments |
|
$ |
279,871 |
|
|
$ |
20 |
|
Present value discount/interest |
|
|
(115,718 |
) |
|
|
(1 |
) |
Present value |
|
|
164,153 |
|
|
|
19 |
|
Lease liabilities, current |
|
|
6,305 |
|
|
|
9 |
|
Lease liabilities, net of current |
|
|
157,848 |
|
|
|
10 |
|
Total lease liability |
|
$ |
164,153 |
|
|
$ |
19 |
|
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