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Lease Obligations | 9 Months Ended
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Sep. 30, 2025
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 September 30, 2025. The Company’s real estate agreements expire at various times between 2026 through 2033 and include renewal options that range from three to five years in length. Lease expense under operating and finance leases was as follows (in thousands):
| Three Months Ended September 30, |  | Nine Months Ended September 30,
| 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease expense | $ | 526 |  |  | $ | 569 |  |  | $ | 1,596 |  |  | $ | 1,741 |
Finance lease expense: |  |  |  |  |  |  |
Amortization of right-of-use assets | $ | 547 |  |  | $ | 455 |  |  | $ | 1,639 |  |  | $ | 1,278 |
Interest on lease liabilities | 84 |  |  | 81 |  |  | 268 |  |  | 231 |
Total finance lease expense | $ | 631 |  |  | $ | 536 |  |  | $ | 1,907 |  |  | $ | 1,509 |
Other supplemental information related to leases was as follows:
| September 30, 2025 |  | December 31, 2024
Weighted average remaining lease term: |  |  |
Operating leases | 9.7 years |  | 9.0 years
Finance leases | 2.5 years |  | 2.6 years
Weighted average discount rate: |  |  |
Operating leases | 10.71 | % |  | 10.91 | %
Finance leases | 9.63 | % |  | 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 | September 30, 2025 |  | December 31, 2024
Operating lease assets: |  |  |  |
Operating lease assets, net | Right of use assets | $ | 7,725 |  |  | $ | 8,061 |
Operating lease liabilities: |  |  |  |
Current operating lease liabilities | Operating lease liabilities – current liabilities | $ | 348 |  |  | $ | 937 |
Non-current operating lease liabilities | Operating lease liabilities – long-term liabilities | 8,425 |  |  | 7,924 |
Total operating lease liabilities |  | $ | 8,773 |  |  | $ | 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 | September 30, 2025 |  | December 31, 2024
Finance lease assets: |  |  |  |
Finance lease assets, net | Right of use assets | $ | 3,115 |  |  | $ | 3,947 |
Finance lease liabilities: |  |  |  |
Current finance lease liabilities | Finance lease liabilities – current liabilities | $ | 1,435 |  |  | $ | 1,835 |
Non-current finance lease liabilities | Finance lease liabilities – long-term liabilities | 1,742 |  |  | 2,124 |
Total finance lease liabilities |  | $ | 3,177 |  |  | $ | 3,959 |
Operating lease assets are recorded net of accumulated amortization of $2,314 and $6,065 as of September 30, 2025 and December 31, 2024, respectively. Finance lease assets are recorded net of accumulated amortization of $4,519 and $4,059 as of September 30, 2025 and December 31, 2024, respectively. Maturities of lease liabilities as of September 30, 2025 are as follows (in thousands):
| Operating Leases |  | Finance Leases
2025 (remaining) | $ | 119 |  |  | $ | 496 |
2026 | 1,153 |  |  | 1,520 |
2027 | 1,462 |  |  | 1,050 |
2028 | 1,506 |  |  | 486 |
2029 | 1,538 |  |  | 26 |
Thereafter | 9,024 |  |  | — |
Total lease payments | 14,802 |  |  | 3,578 |
Less imputed interest | (6,029) |  |  | (401) |
Total | $ | 8,773 |  |  | $ | 3,177 |
Supplemental cash flow information related to leases was as follows (in thousands):
| Nine Months Ended September 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows for finance leases | $ | 268 |  |  | $ | 231 |
Operating cash flows for operating leases | $ | 1,347 |  |  | $ | 1,731 |
Operating lease assets obtained in exchange for operating lease liabilities | $ | 366 |  |  | $ | 261 |
Finance lease assets obtained in exchange for finance lease liabilities | $ | 870 |  |  | $ | 828 |
Non-cash increase to operating lease assets due to remeasurement of operating lease liabilities | $ | 786 |  |  | $ | 365 |

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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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