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Lease Obligations
 9 Months Ended
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,
2025202420252024
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 liabilities84 81 268 231 
Total finance lease expense$631 $536 $1,907 $1,509 
Other supplemental information related to leases was as follows:
September 30, 2025December 31, 2024
Weighted average remaining lease term:
Operating leases9.7 years9.0 years
Finance leases2.5 years2.6 years
Weighted average discount rate:
Operating leases10.71 %10.91 %
Finance leases9.63 %8.66 %
The following table summarizes the presentation in the Condensed Consolidated Balance Sheets of the Company’s operating leases (in thousands):
Balance Sheet LocationSeptember 30, 2025December 31, 2024
Operating lease assets:
Operating lease assets, netRight of use assets$7,725 $8,061 
Operating lease liabilities:
Current operating lease liabilitiesOperating lease liabilities – current liabilities$348 $937 
Non-current operating lease liabilitiesOperating lease liabilities – long-term liabilities8,425 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 LocationSeptember 30, 2025December 31, 2024
Finance lease assets:
Finance lease assets, netRight of use assets$3,115 $3,947 
Finance lease liabilities:
Current finance lease liabilitiesFinance lease liabilities – current liabilities$1,435 $1,835 
Non-current finance lease liabilitiesFinance lease liabilities – long-term liabilities1,742 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 LeasesFinance Leases
2025 (remaining)$119 $496 
20261,153 1,520 
20271,462 1,050 
20281,506 486 
20291,538 26 
Thereafter9,024 — 
Total lease payments14,802 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,
20252024
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