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Leases
 12 Months Ended
Dec. 31, 2024
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 (“Existing Premises”), under a lease agreement expiring in June 2031, which commenced and was recorded in December 2022 for $11.0 million (the “Existing Premises Lease”).
On May 4, 2023, the Company entered into a modification to the Existing Premises Lease. 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 2025, 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. On October 7, 2024, the Company executed a second amendment to the Bedford Lease for additional space resulting in one additional operating lease. As of December 31, 2024, the additional operating lease has not yet commenced. The future lease payments for this lease are approximately $17.0 million. The lease is expected to commence in 2026 and has a noncancellable lease term of 13.3 years.
On March 1, 2024, the Company transferred the sublease and completed the asset sale of the Somerset Facility. See Note 7, “Property, Plan and Equipment, Net” to these consolidated financial statements for further discussion on the sublease transfer.
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, 2024December 31, 2023
Assets
OperatingOther long-term assets$36,083 $45,325 
FinanceProperty, plant and equipment, net1,564 1,438 
Total leased assets$37,647 $46,763 
Liabilities
Current
     OperatingAccrued expenses and other liabilities$1,867 $1,904 
     FinanceCurrent portion of long-term debt and other borrowings974 823 
Noncurrent
     OperatingOther long-term liabilities53,185 54,453 
     FinanceLong-term debt, net and other borrowings671 625 
Total leased liabilities$56,697 $57,805 
The components of lease expense were as follows:
 
(in thousands)Year Ended
December 31, 2024		Year Ended
December 31, 2023
Operating lease expense$6,391 $4,627 
Finance lease expense
      Amortization of ROU assets$962 795 
      Interest on lease liabilities96 81 
Total lease expense$7,449 $5,503 
Other information related to leases were as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term (Years):
      Operating leases13.113.5
      Finance leases1.92.3
Weighted-average discount rate:
      Operating leases7.5%7.3%
      Finance leases6.0%6.2%
(in thousands)Year Ended
December 31, 2024		Year Ended
December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:                   
      Operating cash flows from operating leases$4,540 $3,462 
      Operating cash flows from finance leases96 81 
      Financing cash flows from finance leases318 504 
ROU assets obtained in exchange for lease obligations:
      Operating leases63 29,396 
      Finance leases$1,564 $1,437 
Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:
(in thousands)
Operating Leases
Finance Leases
2025$5,368 $1,045 
20266,341 529 
20277,147 170 
20287,332 37 
20297,523 — 
Thereafter61,193 — 
  Total future minimum lease payments94,904 1,781 
Less: interest39,852 136 
  Total$55,052 $1,645 
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 (“Existing Premises”), under a lease agreement expiring in June 2031, which commenced and was recorded in December 2022 for $11.0 million (the “Existing Premises Lease”).
On May 4, 2023, the Company entered into a modification to the Existing Premises Lease. 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 2025, 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. On October 7, 2024, the Company executed a second amendment to the Bedford Lease for additional space resulting in one additional operating lease. As of December 31, 2024, the additional operating lease has not yet commenced. The future lease payments for this lease are approximately $17.0 million. The lease is expected to commence in 2026 and has a noncancellable lease term of 13.3 years.
On March 1, 2024, the Company transferred the sublease and completed the asset sale of the Somerset Facility. See Note 7, “Property, Plan and Equipment, Net” to these consolidated financial statements for further discussion on the sublease transfer.
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, 2024December 31, 2023
Assets
OperatingOther long-term assets$36,083 $45,325 
FinanceProperty, plant and equipment, net1,564 1,438 
Total leased assets$37,647 $46,763 
Liabilities
Current
     OperatingAccrued expenses and other liabilities$1,867 $1,904 
     FinanceCurrent portion of long-term debt and other borrowings974 823 
Noncurrent
     OperatingOther long-term liabilities53,185 54,453 
     FinanceLong-term debt, net and other borrowings671 625 
Total leased liabilities$56,697 $57,805 
The components of lease expense were as follows:
 
(in thousands)Year Ended
December 31, 2024		Year Ended
December 31, 2023
Operating lease expense$6,391 $4,627 
Finance lease expense
      Amortization of ROU assets$962 795 
      Interest on lease liabilities96 81 
Total lease expense$7,449 $5,503 
Other information related to leases were as follows:
December 31, 2024December 31, 2023
Weighted-average remaining lease term (Years):
      Operating leases13.113.5
      Finance leases1.92.3
Weighted-average discount rate:
      Operating leases7.5%7.3%
      Finance leases6.0%6.2%
(in thousands)Year Ended
December 31, 2024		Year Ended
December 31, 2023
Cash paid for amounts included in the measurement of lease liabilities:                   
      Operating cash flows from operating leases$4,540 $3,462 
      Operating cash flows from finance leases96 81 
      Financing cash flows from finance leases318 504 
ROU assets obtained in exchange for lease obligations:
      Operating leases63 29,396 
      Finance leases$1,564 $1,437 
Future minimum lease payments under non-cancellable leases as of December 31, 2024 were as follows:
(in thousands)
Operating Leases
Finance Leases
2025$5,368 $1,045 
20266,341 529 
20277,147 170 
20287,332 37 
20297,523 — 
Thereafter61,193 — 
  Total future minimum lease payments94,904 1,781 
Less: interest39,852 136 
  Total$55,052 $1,645