Leases

6 Months Ended

Jun. 30, 2026

11. Leases

The Company has commitments under operating leases for laboratory, warehouse, clinical trial sites and office space. The Company also has finance leases for manufacturing space and office equipment. The Company’s leases have initial lease terms ranging from 1.5 years to 191 years. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments.

Total rent expense under these leases was $0.8 million and $1.3 million for the three-month periods ended June 30, 2026 and 2025, respectively.

Total rent expense under these leases was $2.1 million and $2.5 million for the six-month periods ended June 30, 2026 and 2025, respectively.

There were no new leases recognized during the six-month periods ended June 30, 2026 and 2025.

During the three months ended March 31, 2025, the Company determined that it was reasonably certain to exercise its early termination option on an operating lease for laboratory and office space, resulting in a remeasurement of the right-of-use asset and lease liability reflected in the accompanying condensed consolidated balance sheets.

The components of lease cost for the three-month and six-month periods ended June 30, 2026 and 2025 are as follows (in thousands):


	Three-Month Periods Ended June 30,
	2026		2025
Finance lease cost
Amortization of right-of-use assets	$	312	$	305
Interest on lease liabilities		5		—
Total finance lease cost		317		305
Operating lease cost		1,017		1,113
Short-term lease cost		181		100
Total lease cost	$	1,515	$	1,518


	Six-Month Periods Ended June 30,
	2026		2025
Finance lease cost
Amortization of right-of-use assets	$	620	$	588
Interest on lease liabilities		10		—
Total finance lease cost		630		588
Operating lease cost		2,186		2,397
Short-term lease cost		311		195
Total lease cost	$	3,127	$	3,180

Amounts reported in the condensed consolidated balance sheets for leases where the Company is the lessee as of June 30, 2026 and December 31, 2025 were as follows (in thousands):


	June 30,			December 31,
	2026			2025
Operating leases
Right-of-use assets	$	11,524		$	12,852
Capitalized lease obligations	$	12,196		$	14,202
Finance leases
Right-of-use assets	$	22,424		$	23,616
Capitalized lease obligations	$	125		$	147
Weighted-average remaining lease term
Operating leases		6.2	years		6.4	years
Finance leases		172.5	years		172.9	years
Weighted-average discount rate
Operating leases		10.4	%		11.2	%
Finance leases		13.0	%		13.0	%

Other information related to leases for the three-month and six-month periods ended June 30, 2026 and 2025 are as follows (in thousands):


	Three-Month Periods Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,499	$	1,256
Financing cash flows from finance leases	$	15	$	—


	Six-Month Periods Ended June 30,
	2026		2025
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	3,239	$	2,457
Financing cash flows from finance leases	$	29	$	—

Future minimum lease payments under non-cancellable leases as of June 30, 2026 are as follows (in thousands):


	Operating Leases			Finance Leases
2026	$	1,681		$	28
2027		3,824			57
2028		3,475			57
2029		2,393			14
2030		1,850			—
Thereafter		4,201			—
Total undiscounted lease payments	$	17,424		$	156
Less: Imputed interest		(5,228)			(31)
Total lease liabilities	$	12,196		$	125