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Leases | 6 Months Ended
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Jun. 30, 2026
Leases [Abstract] |
Leases | Note 8. Leases The Company leases its office and manufacturing facilities under four non-cancellable operating and financing leases, including options to extend, which expire between 2026 to 2040. The agreements include a provision for renewal at the then prevailing market rate for terms specified in each lease. On April 16, 2026, the Company amended its headquarters and manufacturing facility lease to extend the non-cancellable lease term through July 31, 2035. The amended lease also includes an option to extend the lease for an additional five-year period through July 31, 2040. The Company concluded that it is reasonably certain to exercise the extension option and, accordingly, included the optional renewal period in the lease term when remeasuring the related operating lease right-of-use asset and lease liability. Total right-of-use (“ROU”) assets and lease liabilities are as follows:
|  | June 30, |  |  | December 31, |
|  | 2026 |  |  | 2025 |
|  | (In thousands) |
Right-of-use assets: |  |  |  |  |  |
Net book value (Other assets) |  | $ | 20,921 |  |  | $ | 7,633 |
Operating lease liabilities: |  |  |  |  |  |
Current (Accrued expenses and other current liabilities) |  | $ | — |  |  | $ | 1,917 |
Noncurrent (Other noncurrent liabilities) |  |  | 22,428 |  |  |  | 6,970 |
Total operating lease liabilities |  |  | 22,428 |  |  |  | 8,887 |
Financing lease liabilities: |  |  |  |  |  |
Current (Accrued expenses and other current liabilities) |  | $ | 107 |  |  | $ | 182 |
Noncurrent (Other noncurrent liabilities) |  |  | 110 |  |  |  | 145 |
Total financing lease liabilities |  | $ | 217 |  |  | $ | 327 |
Total lease liabilities |  | $ | 22,645 |  |  | $ | 9,214 |
There were no impairments recorded related to these assets as of June 30, 2026 and December 31, 2025. Information about lease-related balances were as follows:
|  | Three Months Ended June 30, |  |  | Six Months Ended June 30, |
|  | 2026 |  |  | 2025 |  |  | 2026 |  |  | 2025 |
|  | (In thousands, except years and percentages) |
Operating lease expense |  | $ | 864 |  |  | $ | 578 |  |  | $ | 1,539 |  |  | $ | 1,156 |
Financing lease expense |  |  | 56 |  |  |  | 40 |  |  |  | 113 |  |  |  | 80 |
Short-term lease expense |  |  | 45 |  |  |  | 45 |  |  |  | 488 |  |  |  | 86 |
Total lease expense |  | $ | 965 |  |  | $ | 663 |  |  | $ | 2,140 |  |  | $ | 1,322 |
Cash paid for leases |  | $ | 740 |  |  | $ | 595 |  |  | $ | 1,480 |  |  | $ | 1,190 |
'Other information related to lease terms and discount rates is as follows:
|  | As of June 30, 2026 |  |  | As of December 31, 2025 |
Weighted — average remaining lease term — operating leases (years) |  |  | 14.1 |  |  |  | 6.3 |
Weighted — average discount rate — operating leases |  |  | 9.2 | % |  |  | 9.0 | %
Weighted — average remaining lease term — financing leases (years) |  |  | 2.1 |  |  |  | 2.2 |
Weighted — average discount rate — financing leases |  |  | 4.6 | % |  |  | 5.6 | %
Maturity of operating lease liabilities as of June 30, 2026 are as follows:
|  | Operating Leases |  |  | Financing Leases |  |  | Total |
Year Ending December 31, |  | (In thousands) |
Remainder of 2026 |  | $ | (874 | ) |  | $ | 75 |  |  | $ | (799 | )
2027 |  |  | 1,864 |  |  |  | 75 |  |  |  | 1,939 |
2028 |  |  | 2,712 |  |  |  | 75 |  |  |  | 2,787 |
2029 |  |  | 2,824 |  |  |  | — |  |  |  | 2,824 |
2030 |  |  | 2,941 |  |  |  | — |  |  |  | 2,941 |
Thereafter |  |  | 35,503 |  |  |  | — |  |  |  | 35,503 |
Total operating lease payments |  | $ | 44,970 |  |  | $ | 225 |  |  | $ | 45,195 |
Less: Portion representing imputed interest |  |  | (22,542 | ) |  |  | (8 | ) |  |  | (22,550 | )
Total operating lease liabilities |  | $ | 22,428 |  |  | $ | 217 |  |  | $ | 22,645 |
Less: Current portion |  |  | — |  |  |  | 107 |  |  |  | 107 |
Long-term portion |  | $ | 22,428 |  |  | $ | 110 |  |  | $ | 22,538 |
Undiscounted lease payments for remainder of 2026 are net of a $2.0 million tenant improvement allowance receivable from the landlord pursuant to the Lakeview Second Lease Amendment executed in April 2026. In May 2026, the Company entered into a lease for an approximately 289,000-square-foot production and manufacturing facility in Livermore, California, with a lease term of 124 months. The lease commenced on July 1, 2026, subsequent to the end of the period covered by this Quarterly Report, and accordingly no right-of-use asset or lease liability related to this lease is reflected in the condensed consolidated balance sheet as of June 30, 2026. Total undiscounted minimum base rent payments over the initial term are approximately $57.9 million, subject to a base rent credit provided under the lease. The Company will recognize the associated operating lease right-of-use asset and lease liability upon commencement in the third quarter of 2026. In conjunction with the new lease, the Company issued a one-year letter of credit for $3.3 million to the landlord to secure the agreement, which automatically renews for another annual period, through the life of the lease.

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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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