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LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES
NOTE 9. LEASES
On January 1, 2025, the Company relocated its corporate headquarters to 225 Wyman Street, Waltham, Massachusetts.
Expense
Three Months Ended
June 30,		Six Months Ended
June 30,
(in thousands)2025202420252024
Fixed lease costs$3,924 $5,271 $7,700 $9,533 
Short-term lease costs423 410 910 953 
Variable lease costs1,808 1,763 3,558 3,372 
$6,155 $7,444 $12,168 $13,858 
Right of use assets and lease liabilities
(in thousands)June 30, 2025December 31, 2024
Right of use assets (1)
$60,786 $62,429 
Operating lease liabilities (2)
$13,825 $14,551 
Long-term operating lease liabilities$65,191 $67,647 
(1) Included in other long-term assets.
(2) Included in other current liabilities.
Weighted-average remaining lease term and discount rate for the Company’s leases were:
June 30, 2025December 31, 2024
Weighted-average remaining lease term5.9 years6.2 years
Weighted-average discount rate (1)
4.9 %4.8 %
(1) The rates implicit in the Company’s leases are not readily determinable. Therefore, the Company uses its incremental borrowing rate as the discount rate when measuring operating lease liabilities. The incremental borrowing rate represents an estimate of the interest rate the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over the lease term in a similar economic environment.
Maturities of lease liabilities:
(in thousands)June 30, 2025
Remainder of 2025$9,007 
202616,241 
202714,974 
202814,159 
202911,403 
20309,776 
Thereafter15,431 
Total lease payments90,991 
Less: imputed interest (1)
(11,975)
$79,016 
(1) Lease liabilities are measured at the present value of the remaining lease payments using a discount rate determined at lease commencement unless the discount rate is updated due to a lease reassessment event.
Cash flow information
Six Months Ended
June 30,
(in thousands)20252024
Cash paid for operating leases, net of tenant improvement allowances$9,970 $9,493 
Right of use assets recognized for new leases and amendments (non-cash)$3,077 $12,290