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LEASES | 3 Months Ended
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Dec. 31, 2021
LEASES |
LEASES | 12. LEASES The Company records a right-of-use (“ROU”) asset and lease liability for substantially all leases for which it is a lessee, in accordance with ASU 842. Leases with an initial term of 12 months or less are not recorded on the balance sheet. The Company recognizes lease expense for the leases on a straight-line basis over the lease term. At inception of a contract, the Company considers all relevant facts and circumstances to assess whether or not the contract represents a lease by determining whether or not the contract conveys the right to control the use of an identified asset, either explicit or implicit, for a period of time in exchange for consideration. The Company has various operating and finance leases for facilities and equipment. Facilities leases provide office, laboratory, warehouse, or land, the company uses to conduct its operations. Facilities leases range in duration from two to ten years, with either renewal options for additional terms as the initial lease term expires, or purchase options. Facilities leases are considered as either operating or financing leases. Equipment leases provide for office equipment, laboratory equipment or services the Company uses to conduct its operations. Equipment leases range in duration from 30 to 60 months, with either subsequent annual renewals, additional terms as the initial lease term expires, or purchase options. Right-of-use lease assets and lease liabilities that are reported in the Company’s condensed consolidated balance sheets are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of
​ |  | December 31, 2021 |  | September 30, 2021
Operating right-of-use assets, net | ​ | $ | 24,469 | ​ | $ | 8,358
​ | ​ | ​ | ​ | ​ | ​ | ​
Current portion of operating lease liabilities | ​ | ​ | 5,674 | ​ |  | 1,959
Long-term operating lease liabilities | ​ | ​ | 18,705 | ​ |  | 6,554
Total operating lease liabilities | ​ | $ | 24,379 | ​ | $ | 8,513
​ | ​ | ​ | ​ | ​ | ​ | ​
Finance right-of-use assets, net | ​ | $ | 54 | ​ | $ | 60
​ | ​ | ​ | ​ | ​ | ​ | ​
Current portion of finance lease liabilities | ​ | ​ | 22 | ​ |  | 24
Long-term finance lease liabilities | ​ | ​ | 35 | ​ |  | 39
Total finance lease liabilities | ​ | $ | 57 | ​ | $ | 63
​ During the three months ended December 31, 2021, the Company had operating lease amortizations of $1,083 and had finance lease amortization of $6. Finance lease interest recorded in the three months ended December 31, 2021 was $1. Lease expense for lease payments is recognized on a straight-line basis over the lease term. The components of lease expense related to the Company’s leases for the three months ended December 31, 2021 and December 31, 2020 were: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended |  | Three months ended
​ | ​ | December 31, 2021 |  | December 31, 2020
Operating lease costs: | ​ | ​ |  | ​ | ​ |
Fixed operating lease costs | ​ | $ | 1,083 | ​ | $ | 229
Short-term lease costs | ​ |  | 25 | ​ |  | 10
Variable lease costs | ​ | ​ | — | ​ | ​ | 2
Lease income | ​ |  | (177) | ​ |  | (160)
Finance lease costs: | ​ |  | ​ | ​ |  | ​
Amortization of right-of-use asset expense | ​ |  | 6 | ​ |  | 37
Interest on finance lease liability | ​ |  | 1 | ​ |  | 69
Total lease cost | ​ | $ | 938 | ​ | $ | 187
​ The Company serves as lessor to a lessee in one facility through the end of calendar year 2024. The gross rental income and underlying lease expense are presented gross in the Company’s condensed consolidated balance sheets. The Company received rental income of $177 and $160 for the three months ended December 31, 2021 and December 31, 2020, respectively. Supplemental cash flow information related to leases was as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Three months ended |  | Three months ended
​ | ​ | December 31, 2021 |  | December 31, 2020
Cash flows included in the measurement of lease liabilities: | ​ | ​ |  | ​ | ​ |
Operating cash flows from operating leases | ​ | $ | 1,096 | ​ | $ | 229
Operating cash flows from finance leases | ​ |  | 1 | ​ |  | 69
Finance cash flows from finance leases | ​ |  | 6 | ​ |  | 108
Non-cash lease activity: | ​ |  | ​ | ​ |  | ​
Right-of-use assets obtained in exchange for new operating lease liabilities | ​ | $ | 17,036 | ​ | $ | 448
​ The weighted average remaining lease term and discount rate for the Company’s operating and finance leases as of December 31, 2021 and December 31, 2020 were: ​
​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of | ​ | As of | ​
​ | ​ | December 31, 2021 | ​ | December 31, 2020 | ​
Weighted-average remaining lease term (in years) |  | ​ |  | ​ |
Operating lease |  | 6.18 |  | 4.51 |
Finance lease |  | 2.90 |  | 0.88 |
Weighted-average discount rate (in percentages) |  | ​ |  | ​ |
Operating lease |  | 5.10 | % | 5.22 | %
Finance lease |  | 4.86 | % | 5.84 | %
​ Lease duration was determined utilizing renewal options that the Company is reasonably certain to execute. As of December 31, 2021, maturities of operating and finance lease liabilities for each of the following five years and a total thereafter were as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ |  | Operating Leases |  | Finance Leases
2022 (remainder of fiscal year) | ​ | $ | 5,136 | ​ | $ | 18
2023 | ​ |  | 5,227 | ​ |  | 18
2024 | ​ |  | 4,373 | ​ |  | 18
2025 | ​ |  | 3,601 | ​ |  | 7
2026 | ​ |  | 2,937 | ​ |  | —
Thereafter | ​ |  | 7,011 | ​ |  | —
Total minimum future lease payments | ​ |  | 28,285 | ​ |  | 61
Less interest | ​ |  | (3,906) | ​ |  | (4)
Total lease liability | ​ |  | 24,379 | ​ |  | 57
​

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