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Operating Leases

9 Months Ended

Sep. 30, 2025

7. Operating Leases

The Company has an operating lease for a commercial manufacturing facility and administrative offices located in Langhorne, Pennsylvania that runs through January 2031. There are two options that can extend the lease term for five years each. The exercise of the lease options to renew is solely at the Company’s discretion.

The Company also has a sublease for office and manufacturing space in Granbury, Texas that runs through February 2028. The Company modified the lease agreement through July 2035.

The following table presents information about the amount and timing of the liability arising from the Company’s operating lease as of September 30, 2025 ($ in thousands):

Maturity of Lease Liability	Operating Lease Liability
2025 (remaining)	$	77
2026		363
2027		374
2028		381
2029		388
Thereafter		876
Total undiscounted operating lease payments		2,459
Less: Imputed interest		(204	)
Present value of operating lease liability	$	2,255
Weighted average remaining lease term		7.3 years
Weighted average discount rate		2.2	%

Total operating lease expense for the nine months ended September 30, 2025 and 2024, was $225 and $183 thousand, respectively, and is recorded in cost of goods sold and selling, general and administrative expenses in the accompanying condensed consolidated statements of operations.

Supplemental cash flows information related to leases was as follows:

	September 30,
	2025
Cash paid for amounts included in the measurement of lease liability ($ in thousands):
Operating cash flows from operating lease	$	225