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Leases | 12 Months Ended
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Dec. 31, 2025
Leases [Abstract] |
Leases | Leases: We have various noncancelable operating lease agreements for office, lab, warehouse and manufacturing space with original remaining lease terms of three years to twenty years, some of which include an option to extend the lease term for up to ten years. Because the Company is not reasonably certain to exercise the renewal options on these lease arrangements, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. We also have finance lease agreements for manufacturing equipment and land with initial terms of ten years and twenty years, with options to extend the lease terms by the corresponding number of years, which the Company is not reasonably certain to exercise. The manufacturing equipment agreement does not include termination options for either party to the lease or restrictive financial or other covenants. The land agreement contains termination options that are not wholly within the control of the Company, and therefore, are not considered as part of the term of the lease. Weighted-average remaining lease term (in years) and discount rate related to operating and finance leases were as follows:
| As of December 31, 2025
| Operating Leases |  | Finance Lease
Weighted-average remaining lease term | 17.60 |  | 10.25
Weighted-average discount rate | 8.4 | % |  | 8.6 | %
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. Maturities of lease liabilities under noncancelable operating leases and finance lease as of December 31, 2025 were as follows:
| As of December 31, 2025
| Operating Leases |  | Finance Lease
2026 | $ | 7,808 |  |  | $ | 4,791 |
2027 | 7,164 |  |  | 4,810 |
2028 | 6,461 |  |  | 4,831 |
2029 | 6,537 |  |  | 4,852 |
2030 and beyond | 108,423 |  |  | 27,379 |
Total lease payments | $ | 136,393 |  |  | $ | 46,663 |
Less: Imputed interest | (69,129) |  |  | (16,273) |
Present value of lease liabilities | $ | 67,264 |  |  | $ | 30,390 |
A summary of lease costs for 2025, 2024 and 2023 were as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Operating Lease: |  |  |  |  |  |
Lease cost | Cost of goods sold and selling, general and administrative | $ | 5,652 |  |  | $ | 1,591 |  |  | $ | 1,752 |
Finance Lease: |  |  |  |  |  |
Amortization of right of use asset | Cost of goods sold and selling, general and administrative | $ | 3,117 |  |  | $ | 2,812 |  |  | $ | 1,459 |
Interest on lease liabilities | Interest expense | $ | 2,533 |  |  | $ | 2,244 |  |  | $ | 1,235 |
Variable lease cost (a) | Inventory/Cost of goods sold (1) | $ | 22,023 |  |  | $ | 13,972 |  |  | $ | 6,733 |
(1) Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. For the year ended 2025, 2024 and 2023, $22,023 $13,972 and $6,733 of variable lease costs, respectively, were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns. Supplemental balance sheet information related to leases as of December 31, 2025 and December 31, 2024 are as follows:
|  | As of December 31, 2025 |  | As of December 31, 2024
Assets: |  |  |  |
Operating leases | Operating lease right of use assets | $ | 66,424 |  |  | $ | 3,366 |
Finance lease, net | Property, plant and equipment, net | 28,323 |  |  | 24,206 |
Total lease assets |  | $ | 94,747 |  |  | $ | 27,572 |
Liabilities: |  |  |  |
Current: |  |  |  |
Operating lease liabilities | Current operating lease liabilities | $ | 2,241 |  |  | $ | 1,322 |
Finance lease liabilities | Current finance lease liabilities | 2,315 |  |  | 2,120 |
Non-current: |  |  |  |
Operating lease liabilities | Long term operating lease liabilities | 65,023 |  |  | 2,213 |
Finance lease liabilities | Long term finance lease liabilities | 28,075 |  |  | 23,273 |
Total lease liabilities |  | $ | 97,654 |  |  | $ | 28,928 |
Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows:
| Year Ended December 31,
Operating cash flow information: | 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4,982 |  |  | $ | 1,645 |  |  | $ | 1,802 |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest) | $ | 2,101 |  |  | $ | 2,244 |  |  | $ | 1,235 |
Finance cash flow information: |  |  |  |  |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment) | $ | 2,120 |  |  | $ | 1,977 |  |  | $ | 1,109 |
Leases | Leases: We have various noncancelable operating lease agreements for office, lab, warehouse and manufacturing space with original remaining lease terms of three years to twenty years, some of which include an option to extend the lease term for up to ten years. Because the Company is not reasonably certain to exercise the renewal options on these lease arrangements, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants. We also have finance lease agreements for manufacturing equipment and land with initial terms of ten years and twenty years, with options to extend the lease terms by the corresponding number of years, which the Company is not reasonably certain to exercise. The manufacturing equipment agreement does not include termination options for either party to the lease or restrictive financial or other covenants. The land agreement contains termination options that are not wholly within the control of the Company, and therefore, are not considered as part of the term of the lease. Weighted-average remaining lease term (in years) and discount rate related to operating and finance leases were as follows:
| As of December 31, 2025
| Operating Leases |  | Finance Lease
Weighted-average remaining lease term | 17.60 |  | 10.25
Weighted-average discount rate | 8.4 | % |  | 8.6 | %
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments. Maturities of lease liabilities under noncancelable operating leases and finance lease as of December 31, 2025 were as follows:
| As of December 31, 2025
| Operating Leases |  | Finance Lease
2026 | $ | 7,808 |  |  | $ | 4,791 |
2027 | 7,164 |  |  | 4,810 |
2028 | 6,461 |  |  | 4,831 |
2029 | 6,537 |  |  | 4,852 |
2030 and beyond | 108,423 |  |  | 27,379 |
Total lease payments | $ | 136,393 |  |  | $ | 46,663 |
Less: Imputed interest | (69,129) |  |  | (16,273) |
Present value of lease liabilities | $ | 67,264 |  |  | $ | 30,390 |
A summary of lease costs for 2025, 2024 and 2023 were as follows:
|  | Year Ended December 31,
|  | 2025 |  | 2024 |  | 2023
Operating Lease: |  |  |  |  |  |
Lease cost | Cost of goods sold and selling, general and administrative | $ | 5,652 |  |  | $ | 1,591 |  |  | $ | 1,752 |
Finance Lease: |  |  |  |  |  |
Amortization of right of use asset | Cost of goods sold and selling, general and administrative | $ | 3,117 |  |  | $ | 2,812 |  |  | $ | 1,459 |
Interest on lease liabilities | Interest expense | $ | 2,533 |  |  | $ | 2,244 |  |  | $ | 1,235 |
Variable lease cost (a) | Inventory/Cost of goods sold (1) | $ | 22,023 |  |  | $ | 13,972 |  |  | $ | 6,733 |
(1) Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. For the year ended 2025, 2024 and 2023, $22,023 $13,972 and $6,733 of variable lease costs, respectively, were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns. Supplemental balance sheet information related to leases as of December 31, 2025 and December 31, 2024 are as follows:
|  | As of December 31, 2025 |  | As of December 31, 2024
Assets: |  |  |  |
Operating leases | Operating lease right of use assets | $ | 66,424 |  |  | $ | 3,366 |
Finance lease, net | Property, plant and equipment, net | 28,323 |  |  | 24,206 |
Total lease assets |  | $ | 94,747 |  |  | $ | 27,572 |
Liabilities: |  |  |  |
Current: |  |  |  |
Operating lease liabilities | Current operating lease liabilities | $ | 2,241 |  |  | $ | 1,322 |
Finance lease liabilities | Current finance lease liabilities | 2,315 |  |  | 2,120 |
Non-current: |  |  |  |
Operating lease liabilities | Long term operating lease liabilities | 65,023 |  |  | 2,213 |
Finance lease liabilities | Long term finance lease liabilities | 28,075 |  |  | 23,273 |
Total lease liabilities |  | $ | 97,654 |  |  | $ | 28,928 |
Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows:
| Year Ended December 31,
Operating cash flow information: | 2025 |  | 2024 |  | 2023
Cash paid for amounts included in the measurement of operating lease liabilities | $ | 4,982 |  |  | $ | 1,645 |  |  | $ | 1,802 |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest) | $ | 2,101 |  |  | $ | 2,244 |  |  | $ | 1,235 |
Finance cash flow information: |  |  |  |  |
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment) | $ | 2,120 |  |  | $ | 1,977 |  |  | $ | 1,109 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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