Leases

12 Months Ended

Dec. 31, 2025

Lessee Disclosure [Abstract]

Leases

Note 15. Leases

During the year ended December 31, 2025, the Company acquired certain leases through the acquisition of Akoya and did not enter into any material leases. At December 31, 2025, the Company had no additional leases which had not yet commenced. Substantially all of the Company’s leases are located in North America.

The Company has leased facilities, including leases acquired in acquisitions, that are vacant and are not used in its operations. At the point a decision is made to stop use of a leased facility, the Company moves the related ROU asset and leasehold improvements into their own asset group and performs quarterly impairment assessments. The impairment analyses evaluate the present value of net cash flows under the original leases and the estimated cash flows under an estimated sublease and considered industry and economic factors such as rental rates, interest rates, and recent real estate activities to estimate the net cash flows analysis and impairment amount. These assessments indicated the ROU asset for certain facilities were fully impaired, which resulted in the Company recording an impairment charge of $1.4 million during the year ended December 31, 2025. During the year ended December 31, 2024, the Company did not record any

lease related impairments. During the year ended December 31, 2023, the Company recorded a $1.3 million impairment charge related to unused ROU assets and leasehold improvements.

The components of the lease costs and supplemental cash flow information relating to the Company's leases were as follows (in thousands):

	Year Ended December 31,
	2025		2024		2023
Operating lease cost	$	5,970	$	4,949	$	5,209
Short-term and variable lease cost	5,692		4,359		3,996
Total operating lease cost	$	11,662	$	9,308	$	9,205

	Year Ended December 31,
	2025			2024
Cash paid for amounts included in the measurement of operating lease liabilities	$	9,887		$	8,554
Weighted average remaining lease term - operating leases (in years)	4.4			5.8
Weighted average discount rate - operating leases	7.71		%	7.92		%

The undiscounted future lease payments for non-cancelable operating leases as of December 31, 2025 were as follows (in thousands):

Maturity of lease liabilities as of December 31, 2025	Operating Leases
2026	$	10,205
2027	8,952
2028	8,395
2029	8,570
2030	7,028
Thereafter	695
Total lease payments	43,845
Less imputed interest	(6,606)
Total operating lease liabilities	$	37,239