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

Leases (Tables)

12 Months Ended

Dec. 31, 2025

The components of total operating lease expense and sublease income are as follows for the periods presented:


	Years Ended December 31,
(in thousands)	2025		2024		2023




Operating lease costs	$	3,709	$	3,664	$	3,316
Short term lease costs	62		576		520
Variable lease costs	1,419		610		1,438
Total operating lease expense	$	5,190	$	4,850	$	5,274

Sublease income	$	1,081	$	225	$	—

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


(dollars in thousands)	December 31, 2025			December 31, 2024
Operating Leases
Right-of-use operating lease assets	$	12,732		$	14,265
Current maturities of long-term lease obligations	$	2,354		$	1,960
Long-term lease obligations	$	16,838		$	19,191
Financing Leases
Right-of-use finance lease assets, net of accumulated amortization (1)	$	44		$	37
Current maturities of long-term lease obligations	$	18		$	9
Long-term lease obligations	$	32		$	30

Weighted average remaining lease term - operating leases	8.1 years			8.8 years
Weighted average remaining lease term - finance leases	1.8 years			3.6 years

Weighted average discount rate - operating leases	10.87		%	10.95		%
Weighted average discount rate - finance leases	8.01		%	14.06		%

__________

(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, 2025 are as follows:


Years ending December 31,	(in thousands)
2026	$	4,294
2027	3,130
2028	3,122
2029	3,187
2030	3,100
Thereafter	12,285
Total	29,118
Less: Imputed interest	(9,876)
Total lease obligations	19,242
Less: Current maturities of long-term obligations	(2,372)
Long-term lease obligations	$	16,870

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


Years ending December 31,	(in thousands)
2026	$	4,294
2027	3,130
2028	3,122
2029	3,187
2030	3,100
Thereafter	12,285
Total	29,118
Less: Imputed interest	(9,876)
Total lease obligations	19,242
Less: Current maturities of long-term obligations	(2,372)
Long-term lease obligations	$	16,870