Note 7. Leases

We lease laboratory and office space and certain laboratory equipment under non-cancelable operating leases. The carrying value of our right-of-use lease assets is substantially concentrated in our real estate leases, while the volume of lease agreements is primarily concentrated in equipment leases. We expect that, in the normal course of business, the existing leases will be renewed or replaced by similar leases.

We have leases for three real estate properties: (i) a laboratory and manufacturing facility lease that commenced in September 2021 with a ten-year term and an option to extend for two five-year periods, (ii) a laboratory and manufacturing facility lease that commenced in February 2022 with a seven-year term and an option to extend for two five-year periods, and (iii) our corporate office lease that commenced in April 2020 for seven years with an option to extend for five years. We did not recognize the payments to be made in the option periods as part of the right-of-use asset or lease liability because the exercise of the option is not reasonably certain.

As of June 30, 2026 and December 31, 2025, our operating lease obligations had a weighted-average discount rate of 9.6% and 9.6%, respectively, and a weighted-average remaining term of 4.2 years and 4.6 years, respectively.

Maturity Analysis of Lease Obligations

The maturity analysis of our operating lease obligations as of June 30, 2026 was as follows:

Components of Lease Cost

The components of lease costs for the three and six months ended June 30, 2026 and 2025 were as follows:

Supplemental Cash Flow Information