Axogen, Inc. Quarterly report [Sections 13 or 15(d)]

Leases (Tables)

3 Months Ended

Mar. 31, 2025

The components of total operating lease expense are as follows:


	Three Months Ended March 31,
(in thousands)	2025		2024



Operating lease costs
Operating lease costs	$	911	$	909
Short-term lease costs	127		142
Variable lease costs	59		155
Sublease income	(269)		—
Total operating lease expense	$	828	$	1,206

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


(in thousands, except lease term and discount rate)	March 31, 2025		December 31, 2024
Operating Leases
Right-of-use operating assets	$	13,903	$	14,265
Current maturities of long-term lease obligations	$	2,078	$	1,960
Long-term lease obligations	$	18,612	$	19,191


Financing Leases
Right-of-use financing assets, net of accumulated amortization (1)	$	34	$	37
Current maturities of long-term lease obligations	$	9	$	9
Long-term lease obligations	$	28	$	30

Weighted average operating lease term (in years):	8.6		8.8
Weighted average financing lease term (in years):	3.2		3.6

Weighted average discount rate - operating leases	10.93%		10.95%
Weighted average discount rate - financing leases	13.91%		14.06%

(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 at March 31, 2025 are as follows:


(in thousands)
2025 (excluding the three months ended March 31, 2025)	$	3,119
2026	4,284
2027	3,120
2028	3,119
2029	3,187
Thereafter	15,385
Total	32,214
Less: Imputed interest	(11,487)
Total lease obligations	20,727
Less: Current maturities of long-term lease obligations	(2,087)
Long-term lease obligations	$	18,640

Future minimum lease payments under operating and financing leases at March 31, 2025 are as follows:


(in thousands)
2025 (excluding the three months ended March 31, 2025)	$	3,119
2026	4,284
2027	3,120
2028	3,119
2029	3,187
Thereafter	15,385
Total	32,214
Less: Imputed interest	(11,487)
Total lease obligations	20,727
Less: Current maturities of long-term lease obligations	(2,087)
Long-term lease obligations	$	18,640