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Leases | 12 Months Ended
--- | ---
Dec. 31, 2024
Leases [Abstract] |
Leases | Leases The Company leases administrative, manufacturing, research, and distribution facilities through operating leases. Several leases include fixed payments including rent and non-lease components such as common-area or other maintenance costs. The components of total lease expense are as follows for the years ended:
| December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Finance lease costs |  |  |  |  |
Amortization of right-of-use assets | $ | 6 |  |  | $ | 4 |  |  | $ | 20 |
Interest on lease obligations | 4 |  |  | 3 |  |  | 2 |
Operating lease costs |  |  |  |  |
Operating lease costs | 3,664 |  |  | 3,316 |  |  | 4,077 |
Short-term lease costs | 576 |  |  | 520 |  |  | 72 |
Variable lease costs | 610 |  |  | 1,438 |  |  | 1,241 |
Total lease expense | $ | 4,860 |  |  | $ | 5,282 |  |  | $ | 5,412 |
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate) | December 31, 2024 |  | December 31, 2023
Operating Leases |  |  |
Right-of-use operating assets | $ | 14,265 |  |  | $ | 15,562 |
Current maturities of long-term lease obligations | $ | 1,960 |  |  | $ | 1,541 |
Long-term lease obligations | $ | 19,191 |  |  | $ | 21,123 |
Financing Leases |  |  |
Right-of-use financing leases (1) | $ | 37 |  |  | $ | 28 |
Current maturities of long-term lease obligations | $ | 9 |  |  | $ | 6 |
Long-term lease obligations | $ | 30 |  |  | $ | 19 |
Weighted average operating lease term (in years): | 8.8 |  | 9.6
Weighted average financing term (in years): | 3.6 |  | 6.5
Weighted average discount rate - operating leases | 10.95 | % |  | 10.99 | %
Weighted average discount rate - financing leases | 14.06 | % |  | 13.22 | %
(1) Financing leases are included in Property and equipment, net on the Consolidated Balance Sheets. Future minimum lease payments under operating and financing leases as of December 31, 2024 are as follows:
(In thousands) |
Year ending December 31, |
2025 | $ | 4,148 |
2026 | 4,284 |
2027 | 3,120 |
2028 | 3,119 |
2029 | 3,187 |
Thereafter | 15,385 |
Total | 33,243 |
Less: Imputed interest | (12,053) |
Total lease liability | 21,190 |
Less: Current lease liability | (1,969) |
Long-term lease liability | $ | 19,221 |
Lease modifications The Company accounts for lease revisions as a lease modification in accordance with FASB ASC 842, Leases, when the modification effectively terminates the existing lease and creates a new lease. No lease modifications were recorded during the years ended December 31, 2024 and 2023. Sublease Agreement On May 31, 2024, the Company entered into a sublease agreement to sublease a portion of its headquarters in Tampa, Florida expiring on October 31, 2031. The Company or the sublessor can terminate the sublease agreement after sixty-three months with twelve months written notice. There is no option to extend the sublease agreement. The Company accounts for this sublease in accordance with FASB ASC 842, Leases.
Leases | Leases The Company leases administrative, manufacturing, research, and distribution facilities through operating leases. Several leases include fixed payments including rent and non-lease components such as common-area or other maintenance costs. The components of total lease expense are as follows for the years ended:
| December 31,
(in thousands) | 2024 |  | 2023 |  | 2022
Finance lease costs |  |  |  |  |
Amortization of right-of-use assets | $ | 6 |  |  | $ | 4 |  |  | $ | 20 |
Interest on lease obligations | 4 |  |  | 3 |  |  | 2 |
Operating lease costs |  |  |  |  |
Operating lease costs | 3,664 |  |  | 3,316 |  |  | 4,077 |
Short-term lease costs | 576 |  |  | 520 |  |  | 72 |
Variable lease costs | 610 |  |  | 1,438 |  |  | 1,241 |
Total lease expense | $ | 4,860 |  |  | $ | 5,282 |  |  | $ | 5,412 |
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate) | December 31, 2024 |  | December 31, 2023
Operating Leases |  |  |
Right-of-use operating assets | $ | 14,265 |  |  | $ | 15,562 |
Current maturities of long-term lease obligations | $ | 1,960 |  |  | $ | 1,541 |
Long-term lease obligations | $ | 19,191 |  |  | $ | 21,123 |
Financing Leases |  |  |
Right-of-use financing leases (1) | $ | 37 |  |  | $ | 28 |
Current maturities of long-term lease obligations | $ | 9 |  |  | $ | 6 |
Long-term lease obligations | $ | 30 |  |  | $ | 19 |
Weighted average operating lease term (in years): | 8.8 |  | 9.6
Weighted average financing term (in years): | 3.6 |  | 6.5
Weighted average discount rate - operating leases | 10.95 | % |  | 10.99 | %
Weighted average discount rate - financing leases | 14.06 | % |  | 13.22 | %
(1) Financing leases are included in Property and equipment, net on the Consolidated Balance Sheets. Future minimum lease payments under operating and financing leases as of December 31, 2024 are as follows:
(In thousands) |
Year ending December 31, |
2025 | $ | 4,148 |
2026 | 4,284 |
2027 | 3,120 |
2028 | 3,119 |
2029 | 3,187 |
Thereafter | 15,385 |
Total | 33,243 |
Less: Imputed interest | (12,053) |
Total lease liability | 21,190 |
Less: Current lease liability | (1,969) |
Long-term lease liability | $ | 19,221 |
Lease modifications The Company accounts for lease revisions as a lease modification in accordance with FASB ASC 842, Leases, when the modification effectively terminates the existing lease and creates a new lease. No lease modifications were recorded during the years ended December 31, 2024 and 2023. Sublease Agreement On May 31, 2024, the Company entered into a sublease agreement to sublease a portion of its headquarters in Tampa, Florida expiring on October 31, 2031. The Company or the sublessor can terminate the sublease agreement after sixty-three months with twelve months written notice. There is no option to extend the sublease agreement. The Company accounts for this sublease in accordance with FASB ASC 842, Leases.

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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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