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Leases | 3 Months Ended
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Mar. 31, 2025
Leases [Abstract] |
Leases | Leases The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non- cancellable operating leases. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. For both the three months ended March 31, 2025 and 2024, the Company recognized less than $0.1 million of operating lease expense and less than $0.1 million was recorded for short-term leases. In 2021, the Company entered into a sub-lease agreement (the “2021 Sub-Lease”) with its previous sub-lessee pursuant to which, effective August 2, 2021, the previous sub-lessee would become the lessee and the Company would then sublease its portion of the premises in Galway, Ireland from the previous sub-lessee. The Company’s annual rent expense under the 2021 Sub-Lease is less than $0.1 million for a term of 5 years. On January 18, 2024, the Company entered into a lease agreement (the “Queensbury Lease”) to lease approximately 18,000 square feet of manufacturing and office space in Queensbury, New York. The initial term of the lease is five years with a right to extend the lease by an additional five years, exercisable under certain conditions set forth in the Queensbury Lease. The Company’s annual rent expense under the Queensbury Lease is less than $0.2 million for a term of 5 years. The following table summarizes the Company’s operating leases as of March 31, 2025:
(In thousands) | U.S. |  | Ireland |  | Total
Operating cash flows for operating leases | $ | (36) |  |  | $ | (11) |  |  | $ | (47) |
Weighted average remaining lease term | 8.8 |  | 1.3 |  |
Weighted average discount rate - operating leases | 8 | % |  | 8 | % |  |
Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:
(In thousands) | U.S. |  | Ireland |  | Total
Year ended December 31, 2025 | $ | 108 |  |  | $ | 32 |  |  | $ | 140 |
Year ended December 31, 2026 | 144 |  |  | 26 |  |  | 170 |
Year ended December 31, 2027 | 148 |  |  | — |  |  | 148 |
Year ended December 31, 2028 | 152 |  |  | — |  |  | 152 |
Year ended December 31, 2029 | 157 |  |  | — |  |  | 157 |
Thereafter | 643 |  |  | — |  |  | 643 |
Total | 1,352 |  |  | 58 |  |  | 1,410 |
Less present value discount | (391) |  |  | (3) |  |  | (394) |
Operating lease liabilities included in the condensed consolidated balance sheets at March 31, 2025 | $ | 961 |  |  | $ | 55 |  |  | $ | 1,016 |
Leases | Leases The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non- cancellable operating leases. The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments. For both the three months ended March 31, 2025 and 2024, the Company recognized less than $0.1 million of operating lease expense and less than $0.1 million was recorded for short-term leases. In 2021, the Company entered into a sub-lease agreement (the “2021 Sub-Lease”) with its previous sub-lessee pursuant to which, effective August 2, 2021, the previous sub-lessee would become the lessee and the Company would then sublease its portion of the premises in Galway, Ireland from the previous sub-lessee. The Company’s annual rent expense under the 2021 Sub-Lease is less than $0.1 million for a term of 5 years. On January 18, 2024, the Company entered into a lease agreement (the “Queensbury Lease”) to lease approximately 18,000 square feet of manufacturing and office space in Queensbury, New York. The initial term of the lease is five years with a right to extend the lease by an additional five years, exercisable under certain conditions set forth in the Queensbury Lease. The Company’s annual rent expense under the Queensbury Lease is less than $0.2 million for a term of 5 years. The following table summarizes the Company’s operating leases as of March 31, 2025:
(In thousands) | U.S. |  | Ireland |  | Total
Operating cash flows for operating leases | $ | (36) |  |  | $ | (11) |  |  | $ | (47) |
Weighted average remaining lease term | 8.8 |  | 1.3 |  |
Weighted average discount rate - operating leases | 8 | % |  | 8 | % |  |
Remaining maturities of the Company’s operating leases, excluding short-term leases, are as follows:
(In thousands) | U.S. |  | Ireland |  | Total
Year ended December 31, 2025 | $ | 108 |  |  | $ | 32 |  |  | $ | 140 |
Year ended December 31, 2026 | 144 |  |  | 26 |  |  | 170 |
Year ended December 31, 2027 | 148 |  |  | — |  |  | 148 |
Year ended December 31, 2028 | 152 |  |  | — |  |  | 152 |
Year ended December 31, 2029 | 157 |  |  | — |  |  | 157 |
Thereafter | 643 |  |  | — |  |  | 643 |
Total | 1,352 |  |  | 58 |  |  | 1,410 |
Less present value discount | (391) |  |  | (3) |  |  | (394) |
Operating lease liabilities included in the condensed consolidated balance sheets at March 31, 2025 | $ | 961 |  |  | $ | 55 |  |  | $ | 1,016 |

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- Definition The entire disclosure for finance leases of lessee. Includes, but is not limited to, description of lessee's finance lease and maturity analysis of finance 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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- 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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