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Right-of-Use Assets and Liabilities | 6 Months Ended
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Jun. 30, 2025
Leases [Abstract] |
Right-of-Use Assets and Liabilities | Right-of-Use Assets and Liabilities Operating lease liabilities and their corresponding right-of-use ("ROU") assets are recorded based on the present value of lease payments over the expected remaining lease term. The interest rate implicit in lease contracts is typically not readily determinable. As a result, the Company utilizes its incremental borrowing rate, which reflects the fixed rate at which it could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment. The Company's weighted average incremental borrowing rate at June 30, 2025 totaled 6.9%. Lease expense is recognized on a straight-line basis over the lease term. The Company has operating leases for its corporate office, laboratories and certain equipment, which expire no later than December 2029. The leases have a weighted average remaining term of approximately 4.4 years. The components of lease expense were as follows:
| Three Months Ended June 30, |  | Six Months Ended June 30,
(dollars in millions) | 2025 |  | 2024 |  | 2025 |  | 2024
Operating lease cost | $ | 0.7 |  |  | $ | 0.5 |  |  | $ | 1.5 |  |  | $ | 1.0 |
Supplemental cash flow information related to leases was as follows:
| Six Months Ended June 30,
(dollars in millions) | 2025 |  | 2024
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 1.0 |  |  | $ | 1.0 |
Supplemental non-cash information: |  |  |
Right-of-use assets obtained in exchange for new lease obligations | $ | 1.5 |  |  | $ | — |
In December 2024, the Company, entered into a Seventh Amendment and an Eighth Amendment, and in February 2025, the Company entered into a Ninth Amendment to its lease (collectively the “Building 5 Lease Amendments") with Science Park Development Corporation for certain premises in New Haven, Connecticut (the “Building 5 Premises”). The Building 5 Lease Amendments extended the term of the original lease to December 31, 2029, and expanded the Building 5 Premises to include approximately 10,900 square feet of additional laboratory and office space in the first quarter of 2025, resulting in an increase in the Company's ROU assets of $1.5 million. Maturities of operating lease liabilities as of June 30, 2025, were as follows:
(dollars in millions) |
Remainder of 2025 | $ | 1.3 |
2026 | 2.3 |
2027 | 2.4 |
2028 | 2.5 |
2029 | 2.6 |
Total lease payments | 11.1 |
Less: imputed interest | (1.7) |
Total | $ | 9.4 |

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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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