v3.25.4
Leases
 12 Months Ended
Dec. 31, 2025
Leases [Abstract]  
Leases Leases:
We have various noncancelable operating lease agreements for office, lab, warehouse and manufacturing space with original remaining lease terms of three years to twenty years, some of which include an option to extend the lease term for up to ten years. Because the Company is not reasonably certain to exercise the renewal options on these lease arrangements, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants.
We also have finance lease agreements for manufacturing equipment and land with initial terms of ten years and twenty years, with options to extend the lease terms by the corresponding number of years, which the Company is not reasonably certain to exercise. The manufacturing equipment agreement does not include termination options for either party to the lease or restrictive financial or other covenants. The land agreement contains termination options that are not wholly within the control of the Company, and therefore, are not considered as part of the term of the lease.
Weighted-average remaining lease term (in years) and discount rate related to operating and finance leases were as follows:
As of December 31, 2025
Operating Leases
Finance Lease
Weighted-average remaining lease term17.6010.25
Weighted-average discount rate8.4 %8.6 %
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments.
Maturities of lease liabilities under noncancelable operating leases and finance lease as of December 31, 2025 were as follows:
As of December 31, 2025
Operating Leases
Finance Lease
2026$7,808 $4,791 
20277,164 4,810 
20286,461 4,831 
20296,537 4,852 
2030 and beyond108,423 27,379 
Total lease payments$136,393 $46,663 
Less: Imputed interest(69,129)(16,273)
Present value of lease liabilities$67,264 $30,390 
A summary of lease costs for 2025, 2024 and 2023 were as follows:
Year Ended
December 31,
202520242023
Operating Lease:
Lease costCost of goods sold and selling, general and administrative$5,652 $1,591 $1,752 
Finance Lease:
Amortization of right of use assetCost of goods sold and selling, general and administrative$3,117 $2,812 $1,459 
Interest on lease liabilitiesInterest expense$2,533 $2,244 $1,235 
Variable lease cost (a)
Inventory/Cost of goods sold (1)
$22,023 $13,972 $6,733 
(1) Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. For the year ended 2025, 2024 and 2023, $22,023 $13,972 and $6,733 of variable lease costs, respectively, were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns.
Supplemental balance sheet information related to leases as of December 31, 2025 and December 31, 2024 are as follows:
As of December 31, 2025As of December 31, 2024
Assets:
Operating leasesOperating lease right of use assets$66,424 $3,366 
Finance lease, netProperty, plant and equipment, net28,323 24,206 
Total lease assets$94,747 $27,572 
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$2,241 $1,322 
Finance lease liabilitiesCurrent finance lease liabilities2,315 2,120 
Non-current:
Operating lease liabilitiesLong term operating lease liabilities65,023 2,213 
Finance lease liabilitiesLong term finance lease liabilities28,075 23,273 
Total lease liabilities$97,654 $28,928 
Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows:
Year Ended
December 31,
Operating cash flow information:202520242023
Cash paid for amounts included in the measurement of operating lease liabilities$4,982 $1,645 $1,802 
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)$2,101 $2,244 $1,235 
Finance cash flow information:
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)$2,120 $1,977 $1,109 
Leases Leases:
We have various noncancelable operating lease agreements for office, lab, warehouse and manufacturing space with original remaining lease terms of three years to twenty years, some of which include an option to extend the lease term for up to ten years. Because the Company is not reasonably certain to exercise the renewal options on these lease arrangements, the options are not considered in determining the lease term and associated potential option payments are excluded from lease payments. The Company’s leases generally do not include termination options for either party to the lease or restrictive financial or other covenants.
We also have finance lease agreements for manufacturing equipment and land with initial terms of ten years and twenty years, with options to extend the lease terms by the corresponding number of years, which the Company is not reasonably certain to exercise. The manufacturing equipment agreement does not include termination options for either party to the lease or restrictive financial or other covenants. The land agreement contains termination options that are not wholly within the control of the Company, and therefore, are not considered as part of the term of the lease.
Weighted-average remaining lease term (in years) and discount rate related to operating and finance leases were as follows:
As of December 31, 2025
Operating Leases
Finance Lease
Weighted-average remaining lease term17.6010.25
Weighted-average discount rate8.4 %8.6 %
As most of our leases do not provide an implicit rate, we use our incremental borrowing rate based on the information available at the commencement date to determine the present value of lease payments.
Maturities of lease liabilities under noncancelable operating leases and finance lease as of December 31, 2025 were as follows:
As of December 31, 2025
Operating Leases
Finance Lease
2026$7,808 $4,791 
20277,164 4,810 
20286,461 4,831 
20296,537 4,852 
2030 and beyond108,423 27,379 
Total lease payments$136,393 $46,663 
Less: Imputed interest(69,129)(16,273)
Present value of lease liabilities$67,264 $30,390 
A summary of lease costs for 2025, 2024 and 2023 were as follows:
Year Ended
December 31,
202520242023
Operating Lease:
Lease costCost of goods sold and selling, general and administrative$5,652 $1,591 $1,752 
Finance Lease:
Amortization of right of use assetCost of goods sold and selling, general and administrative$3,117 $2,812 $1,459 
Interest on lease liabilitiesInterest expense$2,533 $2,244 $1,235 
Variable lease cost (a)
Inventory/Cost of goods sold (1)
$22,023 $13,972 $6,733 
(1) Variable lease cost primarily consists of the procurement and manufacturing costs capitalized to inventory. For the year ended 2025, 2024 and 2023, $22,023 $13,972 and $6,733 of variable lease costs, respectively, were capitalized to inventory and will be captured as part of cost of goods sold as the inventory turns.
Supplemental balance sheet information related to leases as of December 31, 2025 and December 31, 2024 are as follows:
As of December 31, 2025As of December 31, 2024
Assets:
Operating leasesOperating lease right of use assets$66,424 $3,366 
Finance lease, netProperty, plant and equipment, net28,323 24,206 
Total lease assets$94,747 $27,572 
Liabilities:
Current:
Operating lease liabilitiesCurrent operating lease liabilities$2,241 $1,322 
Finance lease liabilitiesCurrent finance lease liabilities2,315 2,120 
Non-current:
Operating lease liabilitiesLong term operating lease liabilities65,023 2,213 
Finance lease liabilitiesLong term finance lease liabilities28,075 23,273 
Total lease liabilities$97,654 $28,928 
Supplemental cash flow information and non-cash activity relating to operating and finance leases are as follows:
Year Ended
December 31,
Operating cash flow information:202520242023
Cash paid for amounts included in the measurement of operating lease liabilities$4,982 $1,645 $1,802 
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. interest)$2,101 $2,244 $1,235 
Finance cash flow information:
Cash paid for amounts included in the measurement of finance lease liabilities (i.e. principal payment)$2,120 $1,977 $1,109