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Leases | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Leases | 18. LEASES The Company has operating leases for its various facilities, including its primary locations in College Park, Maryland; Bothell, Washington; and Arlesheim, Switzerland. The College Park, Maryland facility is used for research and development, servicing customers and corporate functions and is leased from UMD. The Bothell, Washington facility is used for manufacturing, research and development, servicing customers, and general office space. The Arlesheim, Switzerland facility is used for servicing customers and general office space. Both the College Park, Maryland, and Bothell, Washington, leases expire in 2030 and the Arlesheim, Switzerland lease expires in 2029. As of December 31, 2024 and 2023, the Company's weighted-average remaining lease term was 5.2 years and 6.5 years, respectively, and the weighted-average discount rate was 8.2% and 9.0%, respectively. The Bothell, Washington facility lease includes a landlord-provided tenant improvement allowance to offset a portion of the costs of the construction of leasehold improvements. The Company determined that the leasehold improvements will be Company-owned, and as such, reflected the lease incentive as a reduction of lease payments used to measure the operating lease liability and ROU asset as of the lease commencement date. The components of lease cost were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Operating lease cost(1) |  |  |  |  |  |  |  |  |
Fixed lease cost |  | $ | 2,522 |  |  | $ | 1,458 |  |  | $ | 763 |
Short-term cost |  |  | 221 |  |  |  | 145 |  |  |  | 79 |
Total operating lease cost |  | $ | 2,743 |  |  | $ | 1,603 |  |  | $ | 842 |
(1) The lease costs are reflected in the consolidated statements of operations as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cost of revenue |  | $ | 254 |  |  | $ | 145 |  |  | $ | 53 |
Research and development |  |  | 1,670 |  |  |  | 722 |  |  |  | 612 |
Sales and marketing |  |  | 175 |  |  |  | 84 |  |  |  | 46 |
General and administrative |  |  | 644 |  |  |  | 652 |  |  |  | 131 |
Total operating lease cost |  | $ | 2,743 |  |  | $ | 1,603 |  |  | $ | 842 |
Supplemental cash flow and other information related to operating leases was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2024 |  |  | 2023 |  |  | 2022 |
Cash payments (receipts) included in the measurement of operating lease liabilities, net |  | $ | (2,251 | ) |  | $ | (1,790 | ) |  | $ | 644 |
As of December 31, 2024, maturities of operating lease liabilities are as follows (in thousands):
|  | Amount |
Year Ending December 31, |  |  |
2025 |  | $ | 3,663 |
2026 |  |  | 4,193 |
2027 |  |  | 4,257 |
2028 |  |  | 4,358 |
2029 |  |  | 3,933 |
Thereafter |  |  | 1,511 |
Total lease payments |  | $ | 21,915 |
Less: imputed interest |  |  | (4,190 | )
Present value of operating lease liabilities |  | $ | 17,725 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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