Annual report [Section 13 and 15(d), not S-K Item 405]

Leases

v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
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 lease expense are as follows for the years ended:
December 31,
(in thousands) 2024 2023 2022
Finance lease costs
Amortization of right-of-use assets $ 6  $ 4  $ 20 
Interest on lease obligations 4  3  2 
Operating lease costs
Operating lease costs 3,664  3,316  4,077 
Short-term lease costs 576  520  72 
Variable lease costs 610  1,438  1,241 
Total lease expense $ 4,860  $ 5,282  $ 5,412 
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate) December 31, 2024 December 31, 2023
Operating Leases
Right-of-use operating assets $ 14,265  $ 15,562 
Current maturities of long-term lease obligations $ 1,960  $ 1,541 
Long-term lease obligations $ 19,191  $ 21,123 
Financing Leases
Right-of-use financing leases (1)
$ 37  $ 28 
Current maturities of long-term lease obligations $ 9  $ 6 
Long-term lease obligations $ 30  $ 19 
Weighted average operating lease term (in years): 8.8 9.6
Weighted average financing term (in years): 3.6 6.5
Weighted average discount rate - operating leases
 10.95  % 10.99  %
Weighted average discount rate - financing leases
 14.06  % 13.22  %
(1) Financing leases are included in Property and equipment, net on the Consolidated Balance Sheets.
Future minimum lease payments under operating and financing leases as of December 31, 2024 are as follows:
(In thousands)
Year ending December 31,
2025 $ 4,148 
2026 4,284 
2027 3,120 
2028 3,119 
2029 3,187 
Thereafter 15,385 
Total 33,243 
Less: Imputed interest (12,053)
Total lease liability 21,190 
Less: Current lease liability (1,969)
Long-term lease liability $ 19,221 
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. No lease modifications were recorded during the years ended December 31, 2024 and 2023.
Sublease Agreement
On May 31, 2024, the Company entered into a sublease agreement to sublease a portion of its headquarters in Tampa, Florida expiring on October 31, 2031. The Company or the sublessor can terminate the sublease agreement after sixty-three months with twelve months written notice. There is no option to extend the sublease agreement. The Company accounts for this sublease in accordance with FASB ASC 842, Leases.
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 lease expense are as follows for the years ended:
December 31,
(in thousands) 2024 2023 2022
Finance lease costs
Amortization of right-of-use assets $ 6  $ 4  $ 20 
Interest on lease obligations 4  3  2 
Operating lease costs
Operating lease costs 3,664  3,316  4,077 
Short-term lease costs 576  520  72 
Variable lease costs 610  1,438  1,241 
Total lease expense $ 4,860  $ 5,282  $ 5,412 
Supplemental balance sheet information related to the operating and financing leases is as follows:
(In thousands, except lease term and discount rate) December 31, 2024 December 31, 2023
Operating Leases
Right-of-use operating assets $ 14,265  $ 15,562 
Current maturities of long-term lease obligations $ 1,960  $ 1,541 
Long-term lease obligations $ 19,191  $ 21,123 
Financing Leases
Right-of-use financing leases (1)
$ 37  $ 28 
Current maturities of long-term lease obligations $ 9  $ 6 
Long-term lease obligations $ 30  $ 19 
Weighted average operating lease term (in years): 8.8 9.6
Weighted average financing term (in years): 3.6 6.5
Weighted average discount rate - operating leases
 10.95  % 10.99  %
Weighted average discount rate - financing leases
 14.06  % 13.22  %
(1) Financing leases are included in Property and equipment, net on the Consolidated Balance Sheets.
Future minimum lease payments under operating and financing leases as of December 31, 2024 are as follows:
(In thousands)
Year ending December 31,
2025 $ 4,148 
2026 4,284 
2027 3,120 
2028 3,119 
2029 3,187 
Thereafter 15,385 
Total 33,243 
Less: Imputed interest (12,053)
Total lease liability 21,190 
Less: Current lease liability (1,969)
Long-term lease liability $ 19,221 
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. No lease modifications were recorded during the years ended December 31, 2024 and 2023.
Sublease Agreement
On May 31, 2024, the Company entered into a sublease agreement to sublease a portion of its headquarters in Tampa, Florida expiring on October 31, 2031. The Company or the sublessor can terminate the sublease agreement after sixty-three months with twelve months written notice. There is no option to extend the sublease agreement. The Company accounts for this sublease in accordance with FASB ASC 842, Leases.