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Note 8 - Leases | 3 Months Ended
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Mar. 31, 2025
Notes to Financial Statements |
Lessee, Operating Leases [Text Block] | NOTE 8 - LEASES In October 2014, we entered into an agreement (the Office Agreement) with Fortress Biotech, Inc. (FBIO) to occupy approximately 45% of the 24,000 square feet of New York City office space leased by FBIO. The Office Agreement requires us to pay our respective share of the average annual rent and other costs of the 15-year lease. We approximate an average annual rental obligation of $1.8 million under the Office Agreement. In connection with the Office Agreement, we have pledged $1.3 million to secure a line of credit as a security deposit for the Office Agreement, which has been recorded as restricted cash in the accompanying condensed consolidated balance sheets. In October 2021, we finalized a five-year lease for office space in North Carolina (the NC Lease). We approximate an average annual rental obligation of $0.2 million under the NC Lease. We incurred rental expense of less than $0.1 million for the three months ended March 31, 2025. The present values of our lease liability and corresponding Right-of-Use (ROU) asset are $9.0 million and $6.9 million, respectively, as of March 31, 2025. Our leases have remaining lease terms of two to six years. One lease has a renewal option to extend the lease for an additional term of two years. The following components of lease expense are included in the Company’s condensed consolidated statements of operations for the three months ended March 31, 2025 and 2024:
​ |  | Three months ended |
​ |  | March 31, |  |  | March 31, |
(in thousands) |  | 2025 |  |  | 2024 |
Operating lease cost |  | $ | 504 |  |  | $ | 600 |
Net lease cost |  | $ | 504 |  |  | $ | 600 |
As of March 31, 2025, the weighted-average remaining operating lease term was 5.4 years and the weighted-average discount rate for operating leases was 10.04%. Cash paid for amounts included in the measurement of operating lease liabilities during the three months ended March 31, 2025 was $0.5 million. The balance sheet classification of lease liabilities was as follows:
​ |  | March 31, |  |  | December 31, |
(in thousands) |  | 2025 |  |  | 2024 |
Liabilities |  | ​ |  |  | ​ |
Lease liability current portion |  | $ | 1,116 |  |  | $ | 1,157 |
Lease liability non-current |  |  | 7,860 |  |  |  | 8,133 |
Total lease liability |  | $ | 8,976 |  |  | $ | 9,290 |
As of March 31, 2025, the maturities of lease liabilities were as follows:
​ |  | Operating |
(in thousands) |  | leases |
Remainder of 2025 |  | $ | 1,556 |
2026 |  |  | 2,080 |
2027 |  |  | 1,913 |
2028 |  |  | 1,827 |
2029 |  |  | 1,827 |
After 2030 |  |  | 2,888 |
Total lease payments |  |  | 12,091 |
Less: interest |  |  | (3,115 | )
Present value of lease liabilities(*) |  | $ | 8,976 |
(*) | As our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at commencement date and considering the term of the lease to determine the present value of lease payments. We used the incremental borrowing rate of 10.25% on February 28, 2019, for operating leases that commenced prior to that date through December 31, 2021. We used an incremental borrowing rate of 5.65% for the NC lease.

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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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