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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Leases The Company has various operating lease agreements for office space, warehouses, manufacturing, production locations, and other equipment. Our real estate leases had original lease terms of two to eleven years and have remaining lease terms of two to six years. The Company excludes options that are not reasonably certain to be exercised from our lease terms, ranging from one to five years. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms, with all other lease payments consisting of variable lease costs. For certain leases, we receive incentives from our landlords, such as rent abatements, which effectively reduce the total lease payments owed for these leases. We did not have any financing lease arrangements as of March 31, 2025 and December 31, 2024. The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of March 31, 2025 and December 31, 2024:
| March 31, |  | December 31,
(In thousands) | 2025 |  | 2024
Weighted average discount rate - operating leases | 6.4 | % |  | 6.4 | %
Weighted average remaining lease term in years - operating leases | 5.9 |  | 6.1
The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows:
|  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  | 2025 |  | 2024
Operating lease costs |  |  |  |  | $ | 625 |  |  | $ | 385 |
Short-term lease costs |  |  |  |  | 31 |  |  | 17 |
Total operating lease costs |  |  |  |  | 656 |  |  | 402 |
Variable lease costs |  |  |  |  | 298 |  |  | 239 |
Total lease costs |  |  |  |  | $ | 954 |  |  | $ | 641 |
Maturities of our lease liabilities as of March 31, 2025 are as follows:
(In thousands) | Operating Leases
2025 (9 months remaining) | $ | 1,900 |
2026 | 3,029 |
2027 | 2,583 |
2028 | 2,642 |
2029 | 2,724 |
Thereafter | 3,946 |
Total lease payments | 16,824 |
Less: interest | (2,824) |
Total present value of lease liabilities | $ | 14,000 |
Leases | Leases The Company has various operating lease agreements for office space, warehouses, manufacturing, production locations, and other equipment. Our real estate leases had original lease terms of two to eleven years and have remaining lease terms of two to six years. The Company excludes options that are not reasonably certain to be exercised from our lease terms, ranging from one to five years. Our lease payments consist primarily of fixed rental payments for the right to use the underlying leased assets over the lease terms, with all other lease payments consisting of variable lease costs. For certain leases, we receive incentives from our landlords, such as rent abatements, which effectively reduce the total lease payments owed for these leases. We did not have any financing lease arrangements as of March 31, 2025 and December 31, 2024. The table below presents certain information related to the weighted average discount rate and weighted average remaining lease term for the Company’s leases as of March 31, 2025 and December 31, 2024:
| March 31, |  | December 31,
(In thousands) | 2025 |  | 2024
Weighted average discount rate - operating leases | 6.4 | % |  | 6.4 | %
Weighted average remaining lease term in years - operating leases | 5.9 |  | 6.1
The components of lease expense for the three months ended March 31, 2025 and 2024 were as follows:
|  |  | Three Months Ended March 31,
(In thousands) |  |  |  |  | 2025 |  | 2024
Operating lease costs |  |  |  |  | $ | 625 |  |  | $ | 385 |
Short-term lease costs |  |  |  |  | 31 |  |  | 17 |
Total operating lease costs |  |  |  |  | 656 |  |  | 402 |
Variable lease costs |  |  |  |  | 298 |  |  | 239 |
Total lease costs |  |  |  |  | $ | 954 |  |  | $ | 641 |
Maturities of our lease liabilities as of March 31, 2025 are as follows:
(In thousands) | Operating Leases
2025 (9 months remaining) | $ | 1,900 |
2026 | 3,029 |
2027 | 2,583 |
2028 | 2,642 |
2029 | 2,724 |
Thereafter | 3,946 |
Total lease payments | 16,824 |
Less: interest | (2,824) |
Total present value of lease liabilities | $ | 14,000 |

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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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