v3.26.1
Leases
 3 Months Ended
Mar. 31, 2026
Leases [Abstract]  
Leases Leases
The Company leases administrative, manufacturing, research, and distribution facilities through operating leases. Several leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs.
The components of total operating lease expense and sublease income are as follows for the periods indicated:
Three Months Ended March 31,
(in thousands)20262025
Operating lease costs$942 $911 
Short-term lease costs31 127 
Variable lease costs345 59 
Total operating lease expense$1,318 $1,097 
Sublease income$270 $269 
Supplemental balance sheet information related to the operating and financing leases is as follows as of the periods indicated:
(in thousands, except lease term and discount rate)March 31, 2026December 31, 2025
Operating Leases
Right-of-use operating assets$14,280 $12,732 
Current maturities of long-term lease obligations$2,096 $2,354 
Long-term lease obligations$18,500 $16,838 
Financing Leases
Right-of-use financing assets, net of accumulated amortization (1)
$40 $44 
Current maturities of long-term lease obligations $19 $18 
Long-term lease obligations $27 $32 
Weighted average operating lease term:
7.8 years8.1 years
Weighted average financing lease term:
2.5 years1.8 years
Weighted average discount rate - operating leases
10.29%10.87%
Weighted average discount rate - financing leases
13.59%8.01%
__________
(1)Financing leases are included in Property and equipment, net on the Condensed Consolidated Balance Sheets.
Future minimum lease payments under operating and financing leases as of March 31, 2026 are as follows:
(in thousands)
2026 (excluding the three months ended March 31, 2026)$3,203 
20273,569 
20283,587 
20293,665 
20303,593 
Thereafter12,793 
Total30,410 
Less: Imputed interest(9,768)
Total lease obligations20,642 
Less: Current maturities of long-term lease obligations
(2,115)
Long-term lease obligations$18,527 
Lease Modifications
The Company accounts for lease revisions as a lease modification in accordance with FASB ASC 842, Leases, when the modification effectively terminates the existing lease and creates a new lease.
The Company and Progress Park Buildings Alachua, LLC, a Florida limited liability company (as successor in interest to Alachua Copeland Park Investments, LLC, a Florida limited liability company, who was successor in interest to Ology Bioservices Holdings, LLC, a Delaware limited liability company, who was successor in interest to SNH Medical Office Properties Trust), are parties to a lease dated February 6, 2007, as amended (the “Primary Lease”). Pursuant to the Primary Lease, the Company leases an approximately 19,000 square foot corporate headquarters facility in Alachua, Florida. On February 24, 2026, the Company entered into a seventh amendment to the Primary Lease to extend the term of the Primary Lease to December 31, 2031. The Company recorded a right-of-use asset and lease liability of $1,967 related to this extension.
Leases Leases
The Company leases administrative, manufacturing, research, and distribution facilities through operating leases. Several leases include fixed payments, including rent and non-lease components such as common area or other maintenance costs.
The components of total operating lease expense and sublease income are as follows for the periods indicated:
Three Months Ended March 31,
(in thousands)20262025
Operating lease costs$942 $911 
Short-term lease costs31 127 
Variable lease costs345 59 
Total operating lease expense$1,318 $1,097 
Sublease income$270 $269 
Supplemental balance sheet information related to the operating and financing leases is as follows as of the periods indicated:
(in thousands, except lease term and discount rate)March 31, 2026December 31, 2025
Operating Leases
Right-of-use operating assets$14,280 $12,732 
Current maturities of long-term lease obligations$2,096 $2,354 
Long-term lease obligations$18,500 $16,838 
Financing Leases
Right-of-use financing assets, net of accumulated amortization (1)
$40 $44 
Current maturities of long-term lease obligations $19 $18 
Long-term lease obligations $27 $32 
Weighted average operating lease term:
7.8 years8.1 years
Weighted average financing lease term:
2.5 years1.8 years
Weighted average discount rate - operating leases
10.29%10.87%
Weighted average discount rate - financing leases
13.59%8.01%
__________
(1)Financing leases are included in Property and equipment, net on the Condensed Consolidated Balance Sheets.
Future minimum lease payments under operating and financing leases as of March 31, 2026 are as follows:
(in thousands)
2026 (excluding the three months ended March 31, 2026)$3,203 
20273,569 
20283,587 
20293,665 
20303,593 
Thereafter12,793 
Total30,410 
Less: Imputed interest(9,768)
Total lease obligations20,642 
Less: Current maturities of long-term lease obligations
(2,115)
Long-term lease obligations$18,527 
Lease Modifications
The Company accounts for lease revisions as a lease modification in accordance with FASB ASC 842, Leases, when the modification effectively terminates the existing lease and creates a new lease.
The Company and Progress Park Buildings Alachua, LLC, a Florida limited liability company (as successor in interest to Alachua Copeland Park Investments, LLC, a Florida limited liability company, who was successor in interest to Ology Bioservices Holdings, LLC, a Delaware limited liability company, who was successor in interest to SNH Medical Office Properties Trust), are parties to a lease dated February 6, 2007, as amended (the “Primary Lease”). Pursuant to the Primary Lease, the Company leases an approximately 19,000 square foot corporate headquarters facility in Alachua, Florida. On February 24, 2026, the Company entered into a seventh amendment to the Primary Lease to extend the term of the Primary Lease to December 31, 2031. The Company recorded a right-of-use asset and lease liability of $1,967 related to this extension.