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Note 9 - Lease Liabilities

6 Months Ended

Jun. 30, 2025

Note 9—Lease Liabilities

We have an operating lease for our office and laboratory facilities with an initial term that ends in November 2027 and two options to extend the lease term by an additional five years each. Restricted investments of $1.1 million represent the security deposit on our office and laboratory facilities. We have finance leases for certain laboratory and office equipment that have lease terms expiring through October 2029.

Supplemental lease information is as follows:

	Three Months Ended						Six Months Ended
	June 30,						June 30,
	2025			2024			2025			2024
	(In thousands)
Lease cost
Operating lease cost	$	1,680		$	1,606		$	3,206		$	3,211
Finance lease cost:
Amortization		234			149			367			295
Interest		51			40			89			97
Variable lease cost		950			882			1,891			1,798
Sublease income		(411	)		(385	)		(725	)		(774	)
Net lease cost	$	2,504		$	2,292		$	4,828		$	4,627

The supplemental cash flow information related to leases is as follows:

	Six Months Ended
	June 30,
	2025		2024
	(In thousands)
Cash paid for amounts included in the measurement of lease liabilities
Cash payments for operating leases	$	3,444	$	3,630
Cash payments for financing leases		466		361