The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases for the nine months ended September 30, 2026 and 2025.

Our leases relating to office and warehouse space have lease terms of 87 months to 125 months. Our leases relating to equipment have lease terms of 36 months, with certain of them having automatic renewal clauses.

The Company’s lease agreements also contain non-lease components, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but are recognized as expenses when they are incurred.

The operating lease expense was $1.3 million and $1.2 million for the three months ended September 30, 2026 and 2025, and $4.1 million and $3.7 million for the nine months ended September 30, 2026 and 2025.


	Nine months ended September 30,
	2026		2025

Cash paid for amounts included in the measurements of lease liabilities
Operating cash flow used in operating leases	$	4,300	$	4,831

Right-of-use assets obtained in exchange for lease obligations
Operating leases	$	19,370	$	—

Right-of-use assets derecognized upon early termination
Operating leases	$	3,608	$	—

Lease liabilities derecognized upon early termination
Operating leases	$	(5,824)	$	—

As of September 30, 2026, the weighted average remaining lease term was 5 years, 11 months and the weighted average discount rate was 5.30%.


2026 (excluding the nine months ended September 30, 2026)	$	1,081
2027	4,029
2028	4,164
2029	4,306
2030	4,208
Thereafter	6,357
Total lease payments	$	24,145
Less: Imputed interest	(3,460)
Total	$	20,685

During the first quarter of 2026, the Company’s lease commenced for a new headquarters office space in 1501 South Clinton Street, Baltimore, Maryland 21224, with a lease term of 8 years and 7 months. The Company recorded an initial right-of-use

asset and corresponding lease liability of $6.8 million during the period ended March 31, 2026. The future minimum lease commitments related to this lease are included in the table above. The Company did not renew its office space lease in 100 International Drive, Baltimore, Maryland 21202 which expired in February 2026.

During the second quarter of 2026, the Company executed an amendment to extend the lease and reduce the square footage for our distribution facility located at 2000 Rock Glenn Boulevard, Havre de Grace, Maryland 21078 with a term of 5 years (the “HdG Lease”). The amendment to the HdG Lease commenced in June 2026, at which time the Company remeasured its right-of-use asset and corresponding lease liability by $12.5 million and $12.7 million, respectively. The future minimum lease commitments related to the HdG Lease are included in the table above.

During the third quarter of 2026, the Company terminated the leases for properties located at 4251 Northern Cross Boulevard, Haltom City, Texas 76117 (the “FTW Lease”) and 11515 Cronridge Drive, Owings Mills, Maryland 21117 (the “OMIC Lease”) before their contractual expiration dates. In connection with these terminations, the Company derecognized right-of-use assets totaling $3.6 million and corresponding lease liabilities totaling $5.8 million during the three months ended September 30, 2026. No future minimum lease commitments related to the FTW Lease or the OMIC Lease are included in the table above. See Footnote 9 “Restructuring and related activities” for further information.