v3.26.1
Leases
 6 Months Ended
Jun. 30, 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 presented:
Three Months Ended Six Months Ended
(in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Operating lease costs$949 $919 $1,891 $1,830 
Short-term lease costs29 133 60 262 
Variable lease costs364 (11)709 48 
Total operating lease expense$1,342 $1,041 $2,660 $2,140 
Sublease income$271 $272 $541 $541 
Supplemental balance sheet information related to the operating and financing leases is as follows as of the periods presented:
(in thousands, except lease term and discount rate)June 30, 2026December 31, 2025
Operating Leases
Right-of-use operating assets$13,845 $12,732 
Current maturities of long-term lease obligations$1,956 $2,354 
Long-term lease obligations$18,070 $16,838 
Financing Leases
Right-of-use financing assets, net of accumulated amortization (1)
$35 $44 
Current maturities of long-term lease obligations $19 $18 
Long-term lease obligations $21 $32 
Weighted average operating lease term7.7 years8.1 years
Weighted average financing lease term2.2 years1.8 years
Weighted average discount rate - operating leases
10.27%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 June 30, 2026 are as follows:
(in thousands)
2026 (excluding the six months ended June 30, 2026)$2,112 
20273,569 
20283,587 
20293,665 
20303,593 
Thereafter12,793 
Total29,319 
Less: Imputed interest(9,253)
Total lease obligations20,066 
Less: Current maturities of long-term lease obligations
(1,975)
Long-term lease obligations$18,091 
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 presented:
Three Months Ended Six Months Ended
(in thousands)June 30, 2026June 30, 2025June 30, 2026June 30, 2025
Operating lease costs$949 $919 $1,891 $1,830 
Short-term lease costs29 133 60 262 
Variable lease costs364 (11)709 48 
Total operating lease expense$1,342 $1,041 $2,660 $2,140 
Sublease income$271 $272 $541 $541 
Supplemental balance sheet information related to the operating and financing leases is as follows as of the periods presented:
(in thousands, except lease term and discount rate)June 30, 2026December 31, 2025
Operating Leases
Right-of-use operating assets$13,845 $12,732 
Current maturities of long-term lease obligations$1,956 $2,354 
Long-term lease obligations$18,070 $16,838 
Financing Leases
Right-of-use financing assets, net of accumulated amortization (1)
$35 $44 
Current maturities of long-term lease obligations $19 $18 
Long-term lease obligations $21 $32 
Weighted average operating lease term7.7 years8.1 years
Weighted average financing lease term2.2 years1.8 years
Weighted average discount rate - operating leases
10.27%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 June 30, 2026 are as follows:
(in thousands)
2026 (excluding the six months ended June 30, 2026)$2,112 
20273,569 
20283,587 
20293,665 
20303,593 
Thereafter12,793 
Total29,319 
Less: Imputed interest(9,253)
Total lease obligations20,066 
Less: Current maturities of long-term lease obligations
(1,975)
Long-term lease obligations$18,091 
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.