LEASES

6 Months Ended

Jun. 30, 2026

The Company has operating leases that primarily relate to operating facilities in both the United States and Germany. The Company leases its operating facilities under operating lease arrangements with varying expiration dates through March 2037. As of June 30, 2026, the remaining lease term of the Company’s operating leases ranges from six to twelve years.

Supplemental statements of operations and cash flows related to the operating lease liability is as follows (excluding variable payments and expenses):

Supplemental balance sheet information related to operating leases is as follows:


	June 30,			December 31,
	2026			2025

	(amounts, in thousands)
Right-of-use asset	$	10,612		$	10,924
Lease liability - current portion	$	589		$	541
Lease liability - net of current portion		11,596			11,903
Total lease liability	$	12,185		$	12,444
Weighted average discount rate		9.8	%		9.8	%
Weighted average remaining lease term		10.3 years			11.4 years

Lease Expense

The components of lease expense were as follows:


		Three Months Ended June 30,
		2026			2025

		(amounts, in thousands)
Operating lease cost		$	470		$	408
Variable lease cost			177			46
Total lease cost		$	647		$	454


		Six Months Ended June 30,
		2026			2025

		(amounts, in thousands)
Operating lease cost		$	922		$	845
Variable lease cost			349			149
Total lease cost		$	1,271		$	994

As of June 30, 2026, the maturities of the operating lease liability are as follows:


Remainder of 2026	$	873
2027		1,777
2028		1,819
2029		1,863
2030		1,907
Thereafter		11,643
Future operating lease payments		19,882
Imputed interest		(7,697)
Total operating lease liability	$	12,185

Six Months Ended June 30,

(amounts, in thousands)

Cash paid in connection with the operating leases