Leases

9 Months Ended

Sep. 30, 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 2032.

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 and nine months ended September 30, 2024, the Company recognized lease expense of $0.6 million and 1.6 million, respectively. For the three and nine months ended September 30, 2023, the Company recognized lease expense of $0.8 million and 2.3 million, respectively.

The following table presents the Company's future contractual rent obligations as of September 30, 2024 (in thousands):


Remainder of 2024	$	780
2025	2,486
2026	1,759
2027	1,007
2028	697

Total operating lease payments	6,729
Less: imputed interest	(717)
Total operating lease liabilities	$	6,012