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Leases
 12 Months Ended
Dec. 31, 2023
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 entered into an operating lease agreement in February 2022 to lease office space in Bedford, Massachusetts, under a lease agreement expiring in June 2031, which commenced and was recorded in December 2022 for $11.0 million.
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 in May 2023. 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. In September 2023, the landlord provided notice to the Company that its renovations of the Additional Premises were completed. As a result of the notice, the Company recorded an additional right-of-use asset and liability of $23.5 million as of September 1, 2023. To determine the value of the additional right-of-use asset and liability, the Company was required to calculate the discount rate of the lease modification. The discount rate was determined based on the expected lease term and by comparing interest rates in the market for similar borrowings with comparable credit quality of the Company. The lease for the Additional Premises allows for the extension of five years to begin immediately upon the expiration of the original term.
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, 2023December 31, 2022
Assets
OperatingOther long-term assets$45,325 $19,033 
FinanceProperty, plant and equipment, net1,438 582 
Total leased assets$46,763 $19,615 
Liabilities
Current
     OperatingAccrued expenses and other liabilities$1,904 $2,177 
     FinanceCurrent portion of long-term debt and other borrowings823 354 
Noncurrent
     OperatingOther long-term liabilities54,453 25,442 
     FinanceLong-term debt, net and other borrowings625 231 
Total leased liabilities$57,805 $28,204 
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, 2023		Year Ended
December 31, 2022
Operating lease expense$4,627 $1,797 
Finance lease expense
      Amortization of ROU assets795 426 
      Interest on lease liabilities81 28 
Total lease expense$5,503 $2,251 
Other information related to leases were as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term (Years):
      Operating leases13.57.9
      Finance leases2.31.9
Weighted-average discount rate:
      Operating leases7.3%4.8%
      Finance leases6.2%4.4%
(in thousands)Year Ended
December 31, 2023		Year Ended
December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:                   
      Operating cash flows from operating leases$3,462$2,440
      Operating cash flows from finance leases8128
      Financing cash flows from finance leases504384
ROU assets obtained in exchange for lease obligations:
      Operating leases29,39611,019
      Finance leases1,437582
Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows:
(in thousands)
Operating Leases
Finance Leases
2024$4,624 $846 
20255,413 664 
20267,090 151 
20277,312 — 
20287,453 — 
Thereafter67,642 — 
  Total future minimum lease payments99,534 1,661 
Less: interest43,177 213 
  Total$56,357 $1,448 
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 entered into an operating lease agreement in February 2022 to lease office space in Bedford, Massachusetts, under a lease agreement expiring in June 2031, which commenced and was recorded in December 2022 for $11.0 million.
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 in May 2023. 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. In September 2023, the landlord provided notice to the Company that its renovations of the Additional Premises were completed. As a result of the notice, the Company recorded an additional right-of-use asset and liability of $23.5 million as of September 1, 2023. To determine the value of the additional right-of-use asset and liability, the Company was required to calculate the discount rate of the lease modification. The discount rate was determined based on the expected lease term and by comparing interest rates in the market for similar borrowings with comparable credit quality of the Company. The lease for the Additional Premises allows for the extension of five years to begin immediately upon the expiration of the original term.
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, 2023December 31, 2022
Assets
OperatingOther long-term assets$45,325 $19,033 
FinanceProperty, plant and equipment, net1,438 582 
Total leased assets$46,763 $19,615 
Liabilities
Current
     OperatingAccrued expenses and other liabilities$1,904 $2,177 
     FinanceCurrent portion of long-term debt and other borrowings823 354 
Noncurrent
     OperatingOther long-term liabilities54,453 25,442 
     FinanceLong-term debt, net and other borrowings625 231 
Total leased liabilities$57,805 $28,204 
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, 2023		Year Ended
December 31, 2022
Operating lease expense$4,627 $1,797 
Finance lease expense
      Amortization of ROU assets795 426 
      Interest on lease liabilities81 28 
Total lease expense$5,503 $2,251 
Other information related to leases were as follows:
December 31, 2023December 31, 2022
Weighted-average remaining lease term (Years):
      Operating leases13.57.9
      Finance leases2.31.9
Weighted-average discount rate:
      Operating leases7.3%4.8%
      Finance leases6.2%4.4%
(in thousands)Year Ended
December 31, 2023		Year Ended
December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:                   
      Operating cash flows from operating leases$3,462$2,440
      Operating cash flows from finance leases8128
      Financing cash flows from finance leases504384
ROU assets obtained in exchange for lease obligations:
      Operating leases29,39611,019
      Finance leases1,437582
Future minimum lease payments under non-cancellable leases as of December 31, 2023 were as follows:
(in thousands)
Operating Leases
Finance Leases
2024$4,624 $846 
20255,413 664 
20267,090 151 
20277,312 — 
20287,453 — 
Thereafter67,642 — 
  Total future minimum lease payments99,534 1,661 
Less: interest43,177 213 
  Total$56,357 $1,448