XML 53 R13.htm IDEA: XBRL DOCUMENT v3.25.0.1
Operating Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Operating Leases Operating Leases
The Company has commitments under operating leases for office, laboratory, and manufacturing space in Malvern, Pennsylvania and other locations. The Company's corporate headquarters, located in Malvern, Pennsylvania, lease has an initial term of approximately seven years and includes options to extend the lease for up to 10 years, which the Company has not elected to account for since it is not reasonably certain that the Company will exercise such option. The Company's current GMP facility, located in Malvern, Pennsylvania, lease has an initial term of seven years and includes an option to extend the lease for up to five years, which the Company has elected to account for since it is reasonably certain that the Company will exercise such option. The Company leases two other general use facilities, within the United States, which have initial terms of two to three years and contain no option to extend.
The components of lease expense were as follows (in thousands):
Year ended December 31,
20242023
Operating lease cost$893 $784 
Variable lease cost355 342 
Total lease cost$1,248 $1,126 
Supplemental balance sheet information related to leases was as follows (in thousands):
As of December 31,
20242023
Right-of-use assets, net$3,613 $3,944 
Current lease obligations$519 $574 
Non-current lease obligations3,313 3,567 
Total lease liabilities$3,832 $4,141 
Supplemental information related to leases was as follows:
Year ended December 31,
20242023
Weighted-average remaining lease terms (years)5.97.0
Weighted-average discount rate9.4 %9.3 %
Future minimum base rent payments are approximately as follows (in thousands):
For the years ending December 31,Amount
2025$877 
2026894 
2027867 
2028884 
2029705 
Thereafter978 
Total$5,206 
Less: present value adjustment(1,374)
Present value of minimum lease payments$3,832