Leases

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Leases

LeasesOperating and finance lease assets and liabilities are as follows:

(in thousands)	Classification	June 30, 2023		December 31, 2022
Assets
Operating	Other long-term assets	$	24,205	$	19,033
Finance	Property, plant and equipment, net	400		582
Total leased assets		$	24,605	$	19,615
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	1,601	$	2,177
Finance	Current portion of long-term debt and other borrowings	384		354
Noncurrent
Operating	Other long-term liabilities	31,252		25,442
Finance	Long-term debt, net and other borrowings	(29)		231
Total leased liabilities		$	33,208	$	28,204

On May 4, 2023, the Company entered into a modification to the operating lease for office space in Bedford, Massachusetts, (the “Existing Premises”) that was executed in February 2022. The lease commenced and was recorded in December 2022 for $11.0 million and the initial term was set to expire in June 2031. The lease modification includes a lease of additional office and laboratory space at the Bedford location (the “Additional Premises”) for a term of 15 years and 4 months and extends the term of the lease for the Existing Premises to be coterminous with the term of the lease for the Additional Premises. As a result of the extended term for the Existing Premises, the Company recorded an additional right-of-use asset and liability of $6.0 million. The modification also contains a provision to convert the rent schedule of the Existing Premises from gross to triple net in 2024, which may result in an additional adjustment to the right of use asset and liability. The Additional Premises are currently being renovated and the associated right-of-use asset and liability will be recorded once renovations are substantially complete. The lease payments for the Additional Premises are currently expected to commence in the second half of 2024 when renovation of the Additional Premises is expected to be completed.

Leases

LeasesOperating and finance lease assets and liabilities are as follows:

(in thousands)	Classification	June 30, 2023		December 31, 2022
Assets
Operating	Other long-term assets	$	24,205	$	19,033
Finance	Property, plant and equipment, net	400		582
Total leased assets		$	24,605	$	19,615
Liabilities
Current
Operating	Accrued expenses and other liabilities	$	1,601	$	2,177
Finance	Current portion of long-term debt and other borrowings	384		354
Noncurrent
Operating	Other long-term liabilities	31,252		25,442
Finance	Long-term debt, net and other borrowings	(29)		231
Total leased liabilities		$	33,208	$	28,204

On May 4, 2023, the Company entered into a modification to the operating lease for office space in Bedford, Massachusetts, (the “Existing Premises”) that was executed in February 2022. The lease commenced and was recorded in December 2022 for $11.0 million and the initial term was set to expire in June 2031. The lease modification includes a lease of additional office and laboratory space at the Bedford location (the “Additional Premises”) for a term of 15 years and 4 months and extends the term of the lease for the Existing Premises to be coterminous with the term of the lease for the Additional Premises. As a result of the extended term for the Existing Premises, the Company recorded an additional right-of-use asset and liability of $6.0 million. The modification also contains a provision to convert the rent schedule of the Existing Premises from gross to triple net in 2024, which may result in an additional adjustment to the right of use asset and liability. The Additional Premises are currently being renovated and the associated right-of-use asset and liability will be recorded once renovations are substantially complete. The lease payments for the Additional Premises are currently expected to commence in the second half of 2024 when renovation of the Additional Premises is expected to be completed.