Lease Obligations

3 Months Ended

Mar. 31, 2025

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 March 31, 2025. The Company’s real estate agreements expire at various times between 2025 through 2030 and include renewal options that are three years in length.

Lease expense under operating and finance leases was as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Operating lease expense	$	544	$	590
Finance lease expense:
Amortization of right-of-use assets	$	538	$	407
Interest on lease liabilities	94		77
Total finance lease expense	$	632	$	484

Other supplemental information related to leases was as follows:


	March 31, 2025		December 31, 2024
Weighted average remaining lease term:
Operating leases	8.9 years		9.0 years
Finance leases	2.7 years		2.6 years
Weighted average discount rate:
Operating leases	10.92	%	10.91	%
Finance leases	9.10	%	8.66	%

The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s operating leases (in thousands):


	Balance Sheet Location	March 31, 2025		December 31, 2024
Operating lease assets:
Operating lease assets, net	Right of use assets	$	7,891	$	8,061
Operating lease liabilities:
Current operating lease liabilities	Operating lease liabilities – current liabilities	$	1,071	$	937
Non-current operating lease liabilities	Operating lease liabilities – long-term liabilities	7,779		7,924
Total operating lease liabilities		$	8,850	$	8,861

The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s finance leases (in thousands):


	Balance Sheet Location	March 31, 2025		December 31, 2024
Finance lease assets:
Finance lease assets, net	Right of use assets	$	4,091	$	3,947
Finance lease liabilities:
Current finance lease liabilities	Finance lease liabilities – current liabilities	$	1,795	$	1,835
Non-current finance lease liabilities	Finance lease liabilities – long-term liabilities	2,314		2,124
Total finance lease liabilities		$	4,109	$	3,959

Operating lease assets are recorded net of accumulated amortization of $2,504 and $6,065 as of March 31, 2025 and December 31, 2024, respectively. Finance lease assets are recorded net of accumulated amortization of $4,445 and $4,059 as of March 31, 2025 and December 31, 2024, respectively.

Maturities of lease liabilities as of March 31, 2025 are as follows (in thousands):


	Operating Leases		Finance Leases
2025 (remaining)	$	1,509	$	1,692
2026	1,790		1,487
2027	1,705		1,017
2028	1,401		451
2029	996		6
Thereafter	6,922		—
Total lease payments	14,323		4,653
Less imputed interest	(5,473)		(544)
Total	$	8,850	$	4,109

Supplemental cash flow information related to leases was as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows for finance leases	$	94	$	77
Operating cash flows for operating leases	$	385	$	525
Financing cash flows for finance leases	$	516	$	390

Operating lease assets obtained in exchange for operating lease liabilities:	$	115	$	156
Finance lease assets obtained in exchange for finance lease liabilities:	$	679	$	103
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities:	$	—	$	365