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Leases

3 Months Ended

Mar. 31, 2025

15.Leases

Lessee arrangements

On July 31, 2020, the Company entered into a 61-month lease agreement for office space to use, as necessary, for office administration, lab space and assembly and storage purposes, located in Santa Clara, California. The Company took possession of the leased office space in September 2020, and the lease is effective through September 30, 2025. On March 19, 2025, the Company entered into a 12-month lease agreement for a new office space located at 51 E Campbell Avenue, Suite 107-D, Campbell, California.

As of March 31, 2025, the remaining lease term for the Santa Clara office space is six months with no options to renew. The Company recognized facilities lease expenses of $22 and $22 for the three months ended March 31, 2025 and 2024, respectively. The following table summarizes the future minimum rental payments required under operating leases that had initial or remaining non-cancelable lease terms greater than one year as of March 31, 2025:


	Total
2025 Remaining period	$	48
Total undiscounted future minimum lease payments		48
Less: present value discount		(1)
Total lease liabilities		47
Lease expense in excess cash payment		(3)
Total ROU asset	$	44

As of March 31, 2025, the Company’s ROU asset was $44, which was recorded on the Company’s Unaudited Condensed Balance Sheet as other noncurrent assets, and the Company’s current lease liability was $47, which was recorded on the Company’s Unaudited Condensed Balance Sheet as other short-term liabilities. The Company used a discount rate of 2.5% for calculating ROU and lease liability.

Lessor arrangements

The Company enters into contracts with customers for its QuantaFlo product. The Company has determined that these contracts meet the definition of a lease under Topic 842. The lease portfolio primarily consists of operating leases that are short-term in nature (monthly, quarterly or one year, all of which have renewal options). During the three months ended March 31, 2025 and 2024, the Company recognized approximately $6,217 and $7,079, respectively, in lease revenues related to these arrangements, which is included in revenues on the Unaudited Condensed Statements of Operations. The Company made an accounting policy election to apply the practical expedient to not separate lease and eligible non-lease components. The lease component is the predominant component and consists of fees charged for use of the equipment over the period of the arrangement. The nature of the eligible non-

lease component is primarily software support. The assets associated with these leasing arrangements are included in assets for lease, net on the Unaudited Condensed Balance Sheets (See Note 6 for additional information).