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Leases | 3 Months Ended
--- | ---
Mar. 31, 2025
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 operating lease expense are as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Operating lease costs |  |  |  |  |  |  |
Operating lease costs | $ | 911 |  |  | $ | 909 |  |  |  |  |
Short-term lease costs | 127 |  |  | 142 |  |  |  |  |
Variable lease costs | 59 |  |  | 155 |  |  |  |  |
Sublease income | (269) |  |  | — |  |  |  |  |
Total operating lease expense | $ | 828 |  |  | $ | 1,206 |  |  |  |  |
Supplemental balance sheet information related to the operating and financing leases is as follows:
(in thousands, except lease term and discount rate) | March 31, 2025 |  | December 31, 2024
Operating Leases |  |  |
Right-of-use operating assets | $ | 13,903 |  |  | $ | 14,265 |
Current maturities of long-term lease obligations | $ | 2,078 |  |  | $ | 1,960 |
Long-term lease obligations | $ | 18,612 |  |  | $ | 19,191 |
Financing Leases |  |  |
Right-of-use financing assets, net of accumulated amortization (1) | $ | 34 |  |  | $ | 37 |
Current maturities of long-term lease obligations | $ | 9 |  |  | $ | 9 |
Long-term lease obligations | $ | 28 |  |  | $ | 30 |
Weighted average operating lease term (in years): | 8.6 |  | 8.8
Weighted average financing lease term (in years): | 3.2 |  | 3.6
Weighted average discount rate - operating leases | 10.93% |  |  | 10.95% |
Weighted average discount rate - financing leases | 13.91% |  |  | 14.06% |
(1) Financing leases are included in Property and equipment, net on the Condensed Consolidated Balance Sheets. Future minimum lease payments under operating and financing leases at March 31, 2025 are as follows:
(in thousands) |
2025 (excluding the three months ended March 31, 2025) | $ | 3,119 |
2026 | 4,284 |
2027 | 3,120 |
2028 | 3,119 |
2029 | 3,187 |
Thereafter | 15,385 |
Total | 32,214 |
Less: Imputed interest | (11,487) |
Total lease obligations | 20,727 |
Less: Current maturities of long-term lease obligations | (2,087) |
Long-term lease obligations | $ | 18,640 |
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 three months ended March 31, 2025 and 2024. Sublease Agreement The Company subleases portions of its headquarters building in Tampa, Florida under two sublease agreements with different sublessees. The first sublease term began August 1, 2024 and expires on October 31, 2031. The Company or the sublessee can terminate the sublease agreement after sixty-three months with twelve months written notice. There is no option to extend the sublease agreement. The second sublease term began on February 1, 2025 and expires on January 31, 2030. The sublessee can terminate the sublease agreement after thirty-six months with six months written notice. The Company accounts for these subleases in accordance with 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 operating lease expense are as follows:
| Three Months Ended March 31, |  |
(in thousands) | 2025 |  | 2024 |  |  |  |
Operating lease costs |  |  |  |  |  |  |
Operating lease costs | $ | 911 |  |  | $ | 909 |  |  |  |  |
Short-term lease costs | 127 |  |  | 142 |  |  |  |  |
Variable lease costs | 59 |  |  | 155 |  |  |  |  |
Sublease income | (269) |  |  | — |  |  |  |  |
Total operating lease expense | $ | 828 |  |  | $ | 1,206 |  |  |  |  |
Supplemental balance sheet information related to the operating and financing leases is as follows:
(in thousands, except lease term and discount rate) | March 31, 2025 |  | December 31, 2024
Operating Leases |  |  |
Right-of-use operating assets | $ | 13,903 |  |  | $ | 14,265 |
Current maturities of long-term lease obligations | $ | 2,078 |  |  | $ | 1,960 |
Long-term lease obligations | $ | 18,612 |  |  | $ | 19,191 |
Financing Leases |  |  |
Right-of-use financing assets, net of accumulated amortization (1) | $ | 34 |  |  | $ | 37 |
Current maturities of long-term lease obligations | $ | 9 |  |  | $ | 9 |
Long-term lease obligations | $ | 28 |  |  | $ | 30 |
Weighted average operating lease term (in years): | 8.6 |  | 8.8
Weighted average financing lease term (in years): | 3.2 |  | 3.6
Weighted average discount rate - operating leases | 10.93% |  |  | 10.95% |
Weighted average discount rate - financing leases | 13.91% |  |  | 14.06% |
(1) Financing leases are included in Property and equipment, net on the Condensed Consolidated Balance Sheets. Future minimum lease payments under operating and financing leases at March 31, 2025 are as follows:
(in thousands) |
2025 (excluding the three months ended March 31, 2025) | $ | 3,119 |
2026 | 4,284 |
2027 | 3,120 |
2028 | 3,119 |
2029 | 3,187 |
Thereafter | 15,385 |
Total | 32,214 |
Less: Imputed interest | (11,487) |
Total lease obligations | 20,727 |
Less: Current maturities of long-term lease obligations | (2,087) |
Long-term lease obligations | $ | 18,640 |
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 three months ended March 31, 2025 and 2024. Sublease Agreement The Company subleases portions of its headquarters building in Tampa, Florida under two sublease agreements with different sublessees. The first sublease term began August 1, 2024 and expires on October 31, 2031. The Company or the sublessee can terminate the sublease agreement after sixty-three months with twelve months written notice. There is no option to extend the sublease agreement. The second sublease term began on February 1, 2025 and expires on January 31, 2030. The sublessee can terminate the sublease agreement after thirty-six months with six months written notice. The Company accounts for these subleases in accordance with 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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