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LEASES
 6 Months Ended
Jun. 30, 2025
Leases [Abstract]  
LEASES LEASES
The Company leases all of its facilities, including its EXPAREL and iovera° handpiece manufacturing facility at its Science Center Campus in San Diego, California. In 2025, the Company moved its principal executive offices to Brisbane, California. The Company also has two embedded leases with Thermo Fisher Scientific Pharma Services in Swindon, U.K. for the production of EXPAREL and ZILRETTA. A portion of the associated monthly base fees have been allocated to the lease components based on a relative fair value basis. As part of the GQ Bio Acquisition in February 2025, the Company’s European offices were assumed and include a research and development lab and offices in Luckenwalde, Germany and administrative offices in Hamburg, Germany and each of Eupen and Liège, Belgium.
The Company had been recognizing sublease income for laboratory space leased in Woburn, Massachusetts from leases that were assumed as part of the Flexion Acquisition. In February 2024, the lease and sublease term concluded for the laboratory space in Woburn, Massachusetts. In April 2025, the lease and sublease term concluded for the office space in Burlington, Massachusetts.
The operating lease costs for the facilities include lease and non-lease components, such as common area maintenance and other common operating expenses, along with executory costs such as insurance and real estate taxes. Total operating lease expense, net is as follows (in thousands):
Three Months EndedSix Months Ended
June 30,June 30,
2025202420252024
Fixed lease costs$3,232 $3,460 $6,534 $6,957 
Variable lease costs576 289 1,115 783 
Sublease income(19)(61)(76)(192)
Total$3,789 $3,688 $7,573 $7,548 
Supplemental cash flow information related to operating leases is as follows (in thousands):
Six Months Ended
June 30,
20252024
Cash paid for operating lease liabilities, net of lease incentives$6,458 $6,429 
Right-of-use assets recorded in exchange for lease obligations$1,875 $— 
The Company has elected to net the amortization of the right-of-use asset and the reduction of the lease liability principal in other liabilities in the condensed consolidated statements of cash flows.
The Company has measured its operating lease liabilities at an estimated discount rate at which it could borrow on a collateralized basis over the remaining term for each operating lease. The weighted average remaining lease terms and the weighted average discount rates are summarized as follows:
June 30,
20252024
Weighted average remaining lease term4.79 years5.58 years
Weighted average discount rate6.91 %7.00 %
Maturities of the Company’s operating lease liabilities are as follows (in thousands):
YearAggregate Minimum
Payments Due
2025 (remaining six months)$6,388 
202612,789 
202712,336 
202811,188 
202911,076 
Thereafter6,384 
   Total future lease payments60,161 
   Less: imputed interest(9,250)
   Total operating lease liabilities$50,911