Leases

3 Months Ended

Mar. 31, 2024

The Company leases certain properties and buildings (including manufacturing facilities, warehouses, and office spaces) and equipment under various arrangements which provide the right to use the underlying asset and require lease payments for the lease term. The Company’s lease portfolio consists of operating leases which expire at various dates through 2028.

Assets and liabilities related to operating leases are included in the consolidated balance sheets as right-of-use assets from operating leases, operating lease liabilities - current and operating lease liabilities - non-current. The Company recognizes minimum rental expense on a straight-line basis based on the fixed components of a lease arrangement. The Company amortizes this expense over the term of the lease beginning with the date of initial possession, which is the date the lessor makes an underlying asset available for use. For the three months ended March 31, 2024, the Company recognized lease expense of $0.5 million. For the three months ended March 31, 2023, the Company recognized lease expense of $0.6 million.

The following table presents the Company's future contractual rent obligations as of March 31, 2024 (in thousands):


Remainder of 2024	$	2,136
2025	1,953
2026	1,199
2027	956
2028	692

Total operating lease payments	6,936
Less: imputed interest	(380)
Total operating lease liabilities	$	6,556