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LEASES | 9 Months Ended
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Sep. 30, 2025
Leases [Abstract] |
LEASES | LEASES Operating Leases The Company has operating leases for office and warehouse space and certain equipment. In certain of the Company’s lease agreements, the rental payments are adjusted periodically based on defined terms within the lease. The Company did not have any finance leases for the nine months ended September 30, 2025 and 2024. Our leases relating to office and warehouse space have lease terms of 65 months to 116 months. Our leases relating to equipment have lease terms of 36 months, with certain of them having automatic renewal clauses. The Company’s warehouse agreements also contain non-lease components, in the form of payments towards variable logistics services and labor charges, which the Company is obligated to pay based on the services consumed by it. Such amounts are not included in the measurement of the lease liability but are recognized as expenses when they are incurred. The operating lease expense was $1.2 million for both the three months ended September 30, 2025 and 2024, and $3.7 million for both the nine months ended September 30, 2025 and 2024. Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):
| Nine months ended September 30,
| 2025 |  | 2024
Cash paid for amounts included in the measurements of lease liabilities |  |  |
Operating cash flow used in operating leases | $ | 4,831 |  |  | $ | 4,719 |
Right-of-use assets obtained in exchange for lease obligations |  |  |
Operating leases | $ | 701 |  |  | $ | — |
As of September 30, 2025, the weighted average remaining lease term was 3.10 years and the weighted average discount rate was 2.30%. The following table presents the maturity of the Company’s operating lease liabilities as of September 30, 2025 (in thousands):
2025 (excluding the nine months ended September 30, 2025) | $ | 1,630 |
2026 | 4,783 |
2027 | 2,789 |
2028 | 2,895 |
2029 | 525 |
Thereafter | 49 |
Total lease payments | $ | 12,671 |
Less: Imputed interest | (410) |
Total | $ | 12,261 |
During the three months ended September 30, 2025, the Company entered into a lease agreement for new office space in 1501 South Clinton Street, Baltimore, Maryland 21224, with a lease term of 8 years and 7 months. The lease is expected to commence in March 2026, at which time the Company will record a right-of-use asset and corresponding lease liability. The Company will not renew its office space lease in 100 International Drive, Baltimore, Maryland 201202, when it expires in February 2026. As of September 30, 2025, the future minimum lease commitments related to this lease are not included in the tables above as the lease has not yet commenced.

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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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