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LEASES

12 Months Ended

Dec. 31, 2024

LEASES

LEASES

9.LEASES

The following table summarizes the components of lease cost:

​

​	​	​	​	​	​	​	​	​
​	December 31,
(in thousands)	2024			2023			2022
LEASE COST	​	​	​	​	​	​	​	​
FINANCE LEASE COST:	​	​	​	​	​	​	​	​
Amortization of right-of-use assets	$	—	​	$	—	​	$	14
Interest on lease obligation		—	​		—	​		1
Total finance lease cost	​	—	​	​	—	​	​	15
OPERATING LEASE COST:	​	​	​	​	​	​	​	​
Total long-term operating lease cost		367	​		365	​		387
Total short-term operating lease cost		788	​		368	​		592
TOTAL LEASE COST	$	1,155	​	$	733	​	$	994

​

The following table summarizes supplemental balance sheet and other information related to leases at:

​

​	​	​	​	​	​
​	December 31,
(in thousands)	2024		​	2023
OPERATING LEASES:	​	​	​	​	​
Operating lease right-of-use assets	$	545	​	$	826
​	​	​	​	​	​
Current Portion of Operating Lease Liabilities	​	318	​	​	320
Long-Term Operating Lease Liabilities	​	227	​	​	506
TOTAL OPERATING LEASE LIABILITIES	$	545	​	$	826

​

The following table presents other lease information related to the Company’s leases:

​

​	​	​	​	​	​	​
​	​	December 31,
​	​	2024		​	2023
WEIGHTED-AVERAGE REMAINING LEASE TERM (YEARS):	​	​	​	​	​	​
Operating leases	​	2.0	​	​	2.7	​
Finance leases	​	—	​	​	—	​
​	​	​	​	​	​	​
WEIGHTED-AVERAGE DISCOUNT RATE:	​	​	​	​	​	​
Operating leases	​	3.5	%	​	3.5	%

​

​

The following table summarizes supplemental cash flow information related to leases:

​

​	​	​	​	​	​	​	​	​
​	December 31,
(in thousands)	2024		​	2023		​	2022
OTHER INFORMATION:	​	​	​	​	​	​	​	​
Cash paid for amounts included in the measurement of lease obligation:		​	​	​	​	​	​	​
Operating cash flows from operating leases	$	367	​	$	365	​	$	387
Financing cash flows from finance leases	​	—	​	​	—	​	​	15
​	​	​	​	​	​	​	​	​
Right-of-use assets obtained in exchange for new operating lease obligations	​	—	​	​	—	​	​	117

​

Future lease payments under non-cancellable leases as of December 31, 2024 were as follows:

​

​	​	​
​	​	​
​	​	​
(in thousands)	Operating Lease Obligations
Remaining lease payments to be paid during the year ended December 31,	​	​
2025	$	347
2026	​	161
2027		54
2028		39
Thereafter		11
Total lease payments	​	612
Less imputed interest	​	(67)
Lease obligation as of December 31, 2024	$	545

​

Related Party Leases

The Company’s subsidiary in the United Kingdom leased facilities used for manufacturing and office space from a related party with related lease costs during the year ended December 31, 2024 of $0.1 million, and $0.2 million for each of the years ended 2023 and 2022. The Company’s French subsidiary leased a fleet of vehicles from a related party with related lease costs of $0.1 million, $0.2 million, and $0.1 million for the year ended December 31, 2024, 2023, and 2022, respectively.    

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