Leases

12 Months Ended

Dec. 31, 2024

The Company is the lessee for operating leases for offices, R&D facilities and manufacturing facilities. The Company determines if an arrangement is a lease at inception. Operating leases are included in right-of-use assets and liabilities. The Company's leases have remaining lease terms of less than one year to approximately 10 years. Most leases included one or more options to renew, with renewal terms that can extend the lease term up to five years. For a discussion of lessor activities, refer to Note 13, “Revenue recognition”.

The components of lease expense were as follows:


	Year Ended December 31,
	2024		2023		2022
Operating lease cost:
Amortization of right-of-use assets	$	3.2	$	4.0	$	5.6
Interest on lease liabilities	0.8		0.8		1.1
Total operating lease cost	$	4.0	$	4.8	$	6.7

Operating lease costs are reflected as components of “Cost of Commercial Product sales”, “Cost of MCM Product sales”, “Cost of Bioservices”, “R&D” expense and “SG&A” expense on the Company's Consolidated Statements of Operations.

Supplemental balance sheet information related to leases was as follows:


		December 31,
Leases	Classification	2024			2023
Operating lease right-of-use assets	Other assets	$	11.7		$	16.2

Operating lease liabilities, current portion	Other current liabilities	$	2.7		$	3.5
Operating lease liabilities	Other liabilities	9.7			13.8
Total operating lease liabilities		$	12.4		$	17.3

Operating leases:
Weighted average remaining lease term (years)		5.8			6.2
Weighted average discount rate		5.5		%	5.3		%

The maturity analysis below summarizes future undiscounted cash flows for our operating leases as of December 31, 2024:


Year	As of December 31, 2024
2025	$	3.6
2026	2.8
2027	2.2
2028	1.8
2029	1.8
Thereafter	3.1
Total undiscounted lease liabilities	15.3
Less: Imputed interest	2.9
Total lease liabilities	$	12.4