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Lease Obligations | 12 Months Ended
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Dec. 31, 2024
Leases [Abstract] |
Lease, Obligations | Lease Obligations The Company leases certain assets under operating leases, which primarily consist of real estate leases, and finance leases, which generally consist of laboratory equipment leases and office equipment leases, as of December 31, 2024. Renewal options for the Company’s real estate leases are three years in length and begin from 2025 through 2030. Lease expense under operating and finance leases was as follows (in thousands):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Operating lease expense | $ | 2,301 |  |  | $ | 2,018 |  |  | $ | 1,578 |
Finance lease expense: |  |  |  |  |
Amortization of right-of-use assets | 1,766 |  |  | 1,212 |  |  | 816 |
Interest on lease liabilities | 316 |  |  | 201 |  |  | 138 |
Total finance lease expense | $ | 2,082 |  |  | $ | 1,413 |  |  | $ | 954 |
Other supplemental information related to leases was as follows:
| As of December 31,
| 2024 |  | 2023
Weighted average remaining lease term: |  |  |
Operating leases | 9.0 years |  | 9.7 years
Finance leases | 2.6 years |  | 3.0 years
Weighted average discount rate: |  |  |
Operating leases | 10.91 | % |  | 10.88 | %
Finance leases | 8.66 | % |  | 7.46 | %
The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s operating leases (in thousands):
|  |  | As of December 31,
| Balance Sheet Location |  | 2024 |  | 2023
Operating lease assets: |  |  |  |  |
Operating lease assets, net | Right of use assets |  | $ | 8,061 |  |  | $ | 8,682 |
Operating lease liabilities: |  |  |  |  |
Current operating lease liabilities | Operating lease liabilities – current liabilities |  | $ | 937 |  |  | $ | 1,058 |
Non-current operating lease liabilities | Operating lease liabilities – long-term liabilities |  | 7,924 |  |  | 8,390 |
Total operating lease liabilities |  |  | $ | 8,861 |  |  | $ | 9,448 |
The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s finance leases (in thousands):
|  |  | As of December 31,
| Balance Sheet Location |  | 2024 |  | 2023
Finance lease assets: |  |  |  |  |
Finance lease assets, net | Right of use assets |  | $ | 3,947 |  |  | $ | 4,322 |
Finance lease liabilities: |  |  |  |  |
Current finance lease liabilities | Finance lease liabilities – current liabilities |  | $ | 1,835 |  |  | $ | 1,590 |
Non-current finance lease liabilities | Finance lease liabilities – long-term liabilities |  | 2,124 |  |  | 2,845 |
Total finance lease liabilities |  |  | $ | 3,959 |  |  | $ | 4,435 |
Operating lease assets are recorded net of accumulated amortization of $6,065 and $4,794 as of December 31, 2024 and 2023, respectively. Finance lease assets are recorded net of accumulated amortization of $4,059 and $2,293 as of December 31, 2024 and 2023, respectively. Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):
|  | Operating Leases |  | Finance Leases
2025 |  | $ | 1,857 |  |  | $ | 2,106 |
2026 |  | 1,742 |  |  | 1,279 |
2027 |  | 1,650 |  |  | 809 |
2028 |  | 1,383 |  |  | 257 |
2029 |  | 996 |  |  | — |
Thereafter |  | 6,922 |  |  | — |
Total lease payments |  | 14,550 |  |  | 4,451 |
Less imputed interest |  | (5,689) |  |  | (492) |
Total |  | $ | 8,861 |  |  | $ | 3,959 |
Supplemental cash flow information related to leases was as follows (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for finance leases |  | $ | 316 |  |  | $ | 201 |  |  | $ | 898 |
Operating cash flows for operating leases |  | $ | 2,156 |  |  | $ | 1,920 |  |  | $ | 1,555 |
Financing cash flows for finance leases |  | $ | 1,704 |  |  | $ | 1,165 |  |  | $ | — |
Operating lease assets obtained in exchange for operating lease liabilities: |  | $ | 438 |  |  | $ | 4,695 |  |  | $ | 755 |
Finance lease assets obtained in exchange for finance lease liabilities: |  | $ | 1,391 |  |  | $ | 2,971 |  |  | $ | 1,302 |
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities: |  | $ | 254 |  |  | $ | 924 |  |  | $ | — |
Lease, Obligations | Lease Obligations The Company leases certain assets under operating leases, which primarily consist of real estate leases, and finance leases, which generally consist of laboratory equipment leases and office equipment leases, as of December 31, 2024. Renewal options for the Company’s real estate leases are three years in length and begin from 2025 through 2030. Lease expense under operating and finance leases was as follows (in thousands):
| Years Ended December 31,
| 2024 |  | 2023 |  | 2022
Operating lease expense | $ | 2,301 |  |  | $ | 2,018 |  |  | $ | 1,578 |
Finance lease expense: |  |  |  |  |
Amortization of right-of-use assets | 1,766 |  |  | 1,212 |  |  | 816 |
Interest on lease liabilities | 316 |  |  | 201 |  |  | 138 |
Total finance lease expense | $ | 2,082 |  |  | $ | 1,413 |  |  | $ | 954 |
Other supplemental information related to leases was as follows:
| As of December 31,
| 2024 |  | 2023
Weighted average remaining lease term: |  |  |
Operating leases | 9.0 years |  | 9.7 years
Finance leases | 2.6 years |  | 3.0 years
Weighted average discount rate: |  |  |
Operating leases | 10.91 | % |  | 10.88 | %
Finance leases | 8.66 | % |  | 7.46 | %
The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s operating leases (in thousands):
|  |  | As of December 31,
| Balance Sheet Location |  | 2024 |  | 2023
Operating lease assets: |  |  |  |  |
Operating lease assets, net | Right of use assets |  | $ | 8,061 |  |  | $ | 8,682 |
Operating lease liabilities: |  |  |  |  |
Current operating lease liabilities | Operating lease liabilities – current liabilities |  | $ | 937 |  |  | $ | 1,058 |
Non-current operating lease liabilities | Operating lease liabilities – long-term liabilities |  | 7,924 |  |  | 8,390 |
Total operating lease liabilities |  |  | $ | 8,861 |  |  | $ | 9,448 |
The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s finance leases (in thousands):
|  |  | As of December 31,
| Balance Sheet Location |  | 2024 |  | 2023
Finance lease assets: |  |  |  |  |
Finance lease assets, net | Right of use assets |  | $ | 3,947 |  |  | $ | 4,322 |
Finance lease liabilities: |  |  |  |  |
Current finance lease liabilities | Finance lease liabilities – current liabilities |  | $ | 1,835 |  |  | $ | 1,590 |
Non-current finance lease liabilities | Finance lease liabilities – long-term liabilities |  | 2,124 |  |  | 2,845 |
Total finance lease liabilities |  |  | $ | 3,959 |  |  | $ | 4,435 |
Operating lease assets are recorded net of accumulated amortization of $6,065 and $4,794 as of December 31, 2024 and 2023, respectively. Finance lease assets are recorded net of accumulated amortization of $4,059 and $2,293 as of December 31, 2024 and 2023, respectively. Maturities of lease liabilities as of December 31, 2024 are as follows (in thousands):
|  | Operating Leases |  | Finance Leases
2025 |  | $ | 1,857 |  |  | $ | 2,106 |
2026 |  | 1,742 |  |  | 1,279 |
2027 |  | 1,650 |  |  | 809 |
2028 |  | 1,383 |  |  | 257 |
2029 |  | 996 |  |  | — |
Thereafter |  | 6,922 |  |  | — |
Total lease payments |  | 14,550 |  |  | 4,451 |
Less imputed interest |  | (5,689) |  |  | (492) |
Total |  | $ | 8,861 |  |  | $ | 3,959 |
Supplemental cash flow information related to leases was as follows (in thousands):
|  | Years Ended December 31,
|  | 2024 |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for finance leases |  | $ | 316 |  |  | $ | 201 |  |  | $ | 898 |
Operating cash flows for operating leases |  | $ | 2,156 |  |  | $ | 1,920 |  |  | $ | 1,555 |
Financing cash flows for finance leases |  | $ | 1,704 |  |  | $ | 1,165 |  |  | $ | — |
Operating lease assets obtained in exchange for operating lease liabilities: |  | $ | 438 |  |  | $ | 4,695 |  |  | $ | 755 |
Finance lease assets obtained in exchange for finance lease liabilities: |  | $ | 1,391 |  |  | $ | 2,971 |  |  | $ | 1,302 |
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities: |  | $ | 254 |  |  | $ | 924 |  |  | $ | — |

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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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