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Leases
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Leases Leases The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment.
Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease agreements with lease and non-lease components are accounted for separately. As the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company assumed two operating leases as a result of the Progenics acquisition related to office space at the World Trade Center in New York City, pursuant to a lease agreement expiring in September 2030 (the “WTC Lease”), and a radiopharmaceutical manufacturing facility in Somerset, New Jersey, under a sublease agreement expiring in November 2028, which were recorded as of June 19, 2020, for $18.6 million and $0.6 million, respectively. The Company entered into an operating lease related to office space in Somerset, New Jersey, under a lease agreement expiring in August 2026, which was recorded in October 2021 for $0.7 million. The Company excluded the Puerto Rico operating lease amounts classified as held for sale as of December 31, 2020.
Leases with an initial term of 12 months or less are not recorded on the balance sheet as the Company has elected to apply the short-term lease exemption. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.
Operating and finance lease assets and liabilities are as follows:
(in thousands)ClassificationDecember 31, 2021December 31, 2020
Assets
OperatingOther long-term assets$8,788 $18,441 
FinanceProperty, plant and equipment, net556 525 
Total leased assets$9,344 $18,966 
Liabilities
Current                     
     OperatingAccrued expenses and other liabilities$1,599 $1,164 
     FinanceCurrent portion of long-term debt and other borrowings392 249 
Noncurrent
     OperatingOther long-term liabilities16,546 17,501 
     FinanceLong-term debt, net and other borrowings299 246 
Total leased liabilities$18,836 $19,160 
In the third quarter of 2021, with respect to the office space in the World Trade Center, the Company negotiated a sublease agreement with an unrelated third party that was signed on October 11, 2021 (the “Sublease”) and has a term of nine years, which represents the remaining term of the WTC Lease. Both the WTC Lease and the Sublease are classified by the Company as operating leases. As a result of the negotiations of the Sublease, the Company determined that an impairment triggering event had occurred. Accordingly, the Company performed an undiscounted cash flow analysis related to the asset group as of September 30, 2021. Based on the undiscounted cash flow analysis, the Company determined that the asset group, including the ROU asset, had net carrying values that exceeded their estimated undiscounted future cash flows. The Company then estimated the fair value of the asset group based on its discounted cash flows. The carrying value exceeded the fair value and, as a result, the Company recorded a non-cash impairment of $9.5 million for the year ended December 31, 2021 in general and administrative expenses in the consolidated statements of operations.
The components of lease expense were as follows:
 
(in thousands)Year Ended
December 31, 2021		Year Ended
December 31, 2020
Operating lease expense$2,312 $1,471 
Finance lease expense
      Amortization of ROU assets330 196 
      Interest on lease liabilities28 21 
Short-term lease expense8 70 
Total lease expense$2,678 $1,758 
Other information related to leases were as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term (Years):
      Operating leases8.69.7
      Finance leases2.22.4
Weighted-average discount rate:
      Operating leases4.4%4.4%
      Finance leases4.6%5.3%
(in thousands)Year Ended
December 31, 2021		Year Ended
December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:                   
      Operating cash flows from operating leases$2,071$1,202
      Operating cash flows from finance leases2821
      Financing cash flows from finance leases339207
ROU assets obtained in exchange for lease obligations:
      Operating leases68319,210
      Finance leases556373
Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:
(in thousands)
Operating Leases
Finance Leases
2022$2,359 $406 
20232,404 268 
20242,450 105 
20252,497 — 
20262,491 — 
Thereafter9,786 — 
  Total future minimum lease payments21,987 779 
Less: interest3,842 88 
  Total$18,145 $691 
Leases Leases The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment.
Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease agreements with lease and non-lease components are accounted for separately. As the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. The Company assumed two operating leases as a result of the Progenics acquisition related to office space at the World Trade Center in New York City, pursuant to a lease agreement expiring in September 2030 (the “WTC Lease”), and a radiopharmaceutical manufacturing facility in Somerset, New Jersey, under a sublease agreement expiring in November 2028, which were recorded as of June 19, 2020, for $18.6 million and $0.6 million, respectively. The Company entered into an operating lease related to office space in Somerset, New Jersey, under a lease agreement expiring in August 2026, which was recorded in October 2021 for $0.7 million. The Company excluded the Puerto Rico operating lease amounts classified as held for sale as of December 31, 2020.
Leases with an initial term of 12 months or less are not recorded on the balance sheet as the Company has elected to apply the short-term lease exemption. The Company recognizes lease expense for these leases on a straight-line basis over the lease term.
Operating and finance lease assets and liabilities are as follows:
(in thousands)ClassificationDecember 31, 2021December 31, 2020
Assets
OperatingOther long-term assets$8,788 $18,441 
FinanceProperty, plant and equipment, net556 525 
Total leased assets$9,344 $18,966 
Liabilities
Current                     
     OperatingAccrued expenses and other liabilities$1,599 $1,164 
     FinanceCurrent portion of long-term debt and other borrowings392 249 
Noncurrent
     OperatingOther long-term liabilities16,546 17,501 
     FinanceLong-term debt, net and other borrowings299 246 
Total leased liabilities$18,836 $19,160 
In the third quarter of 2021, with respect to the office space in the World Trade Center, the Company negotiated a sublease agreement with an unrelated third party that was signed on October 11, 2021 (the “Sublease”) and has a term of nine years, which represents the remaining term of the WTC Lease. Both the WTC Lease and the Sublease are classified by the Company as operating leases. As a result of the negotiations of the Sublease, the Company determined that an impairment triggering event had occurred. Accordingly, the Company performed an undiscounted cash flow analysis related to the asset group as of September 30, 2021. Based on the undiscounted cash flow analysis, the Company determined that the asset group, including the ROU asset, had net carrying values that exceeded their estimated undiscounted future cash flows. The Company then estimated the fair value of the asset group based on its discounted cash flows. The carrying value exceeded the fair value and, as a result, the Company recorded a non-cash impairment of $9.5 million for the year ended December 31, 2021 in general and administrative expenses in the consolidated statements of operations.
The components of lease expense were as follows:
 
(in thousands)Year Ended
December 31, 2021		Year Ended
December 31, 2020
Operating lease expense$2,312 $1,471 
Finance lease expense
      Amortization of ROU assets330 196 
      Interest on lease liabilities28 21 
Short-term lease expense8 70 
Total lease expense$2,678 $1,758 
Other information related to leases were as follows:
December 31, 2021December 31, 2020
Weighted-average remaining lease term (Years):
      Operating leases8.69.7
      Finance leases2.22.4
Weighted-average discount rate:
      Operating leases4.4%4.4%
      Finance leases4.6%5.3%
(in thousands)Year Ended
December 31, 2021		Year Ended
December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities:                   
      Operating cash flows from operating leases$2,071$1,202
      Operating cash flows from finance leases2821
      Financing cash flows from finance leases339207
ROU assets obtained in exchange for lease obligations:
      Operating leases68319,210
      Finance leases556373
Future minimum lease payments under non-cancellable leases as of December 31, 2021 were as follows:
(in thousands)
Operating Leases
Finance Leases
2022$2,359 $406 
20232,404 268 
20242,450 105 
20252,497 — 
20262,491 — 
Thereafter9,786 — 
  Total future minimum lease payments21,987 779 
Less: interest3,842 88 
  Total$18,145 $691