Leases

6 Months Ended

Jun. 30, 2026

Note 9. Leases

Lessee

The Company is a lessee to various non-cancelable operating leases with varying terms through March 2034, primarily for laboratory and office space and equipment. The Company has options to renew some of these leases after their expiration. On a lease-by-lease basis, the Company considers such options, which may be elected at the Company’s sole discretion, in determining the lease term. The Company also has various finance leases for lab equipment with varying terms through December 2026, some of which were acquired in business combinations. The Company does not have any leases with variable lease payments. The Company’s operating lease agreements do not contain any residual value guarantees, material restrictive covenants, bargain purchase options, or asset retirement obligations.

The operating and finance lease right-of-use asset, or ROU asset, short-term lease liabilities, and long-term lease liabilities as of June 30, 2026, and December 31, 2025, were as follows:


	June 30, 2026		December 31, 2025
	(in thousands)
Operating lease ROU asset, net	$	7,198	$	4,961
Operating lease liabilities, short term	$	1,855	$	1,462
Operating lease liabilities, long term	$	5,609	$	3,781
Finance lease ROU asset, net	$	169	$	339
Finance lease liabilities, short term	$	181	$	360
Finance lease liabilities, long term	$	—	$	—

The following was operating and finance lease expense:


	Three Months Ended June 30,				Six Months Ended June 30,
	2026		2025		2026		2025
	(in thousands)
Operating lease cost	$	654	$	446	$	1,139	$	881
Finance lease cost:
Amortization of ROU assets		85		85		169		217
Interest on lease liabilities		2		5		5		11
Short-term lease cost		535		396		1,021		957
Total lease cost	$	1,276	$	932	$	2,334	$	2,066

Supplemental information related to leases was the following:


	June 30, 2026
Weighted-average remaining lease term, operating leases	5.32 years
Weighted-average discount rate, operating leases		6.11	%
Weighted-average remaining lease term, finance lease	0.5 years
Weighted-average discount rate, finance lease		3.21	%

The following is a maturity analysis of operating and finance lease liabilities using undiscounted cash flows on an annual basis with renewal periods included:


	Operating Leases			Finance Lease
	(in thousands)
Year ending December 31,
2026 (remaining 6 months)		1,190			183
2027		1,945			—
2028		1,235			—
2029		1,071			—
2030		1,079			—
2031		1,089			—
Thereafter		1,272			—
Total lease payments		8,881			183
Less imputed interest		(1,417	)		(2	)
Total	$	7,464		$	181