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Leases

3 Months Ended

Mar. 31, 2025

Leases

Leases

9.      Leases

The Company has commitments under operating leases for laboratory, warehouse, clinical trial sites and office space. The Company also has finance leases for manufacturing space and office equipment. The Company’s leases have initial lease terms ranging from 3 years to 191 years. Certain lease agreements contain provisions for future rent increases. Payments due under the lease contracts include fixed payments.

Total rent expense under these leases was $1.3 million and $1.4 million for the three-month periods ended March 31, 2025 and 2024, respectively.

There were no leases recognized during the three-month periods ended March 31, 2025 and 2024.

During the three months ended March 31, 2025, the Company determined that it was reasonably certain to exercise its early termination option on an operating lease for laboratory and office space, resulting in a remeasurement of the ROU asset and lease liability reflected in the accompanying condensed consolidated balance sheets.

The components of lease cost for the three-month periods ended March 31, 2025 and 2024 are as follows (in thousands):

​

​	​	​	​	​	​	​
​	​	Three-Month Periods Ended March 31,
​	​	2025		​	2024
Finance lease cost		​			​
Amortization of right-of-use assets	​	$	138	​	$	281
Total finance lease cost	​		138	​		281
Operating lease cost	​		1,284	​		1,437
Short-term lease cost	​		95	​		41
Total lease cost	​	$	1,517	​	$	1,759

​

Amounts reported in the condensed consolidated balance sheets for leases where the Company is the lessee as of March 31, 2025 and December 31, 2024 were as follows (in thousands):

​

​	​	​	​	​	​	​	​	​
​	​	March 31,				December 31,
​	​	2025		​		2024		​
Operating leases		​		​	​	​		​
Right-of-use assets	​	$	6,348	​	​	$	10,576	​
Capitalized lease obligations	​	$	7,383	​	​	$	11,576	​
Finance leases	​			​	​			​
Right-of-use assets	​	$	22,728	​	​	$	22,198	​
Weighted-average remaining lease term	​			​	​			​
Operating leases	​		4.0	years	​		3.6	years
Finance leases	​		173.7	years	​		173.9	years
Weighted-average discount rate	​		​	​	​		​	​
Operating leases	​		11.7	%	​		8.8	%
Finance leases	​		8.0	%	​		8.0	%

​

Other information related to leases for the three-month periods ended March 31, 2025 and 2024 are as follows (in thousands):

​

​	​	​	​	​	​
​	Three-Month Periods Ended March 31,
​	2025		​	2024
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	1,201	​	$	1,419

​

Future minimum lease payments under non-cancellable leases as of March 31, 2025 are as follows (in thousands):

​

​	​	​	​
​		Operating Leases
2025	​	$	2,690
2026	​		2,451
2027	​		1,547
2028	​		1,352
2029	​	​	576
Total undiscounted lease payments	​	$	8,616
Less: Imputed interest	​		(1,233)
Total lease liabilities	​	$	7,383

​

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- References

No definition available.

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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

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