The Company has operating leases for its various facilities, including its primary locations in College Park, Maryland; Bothell, Washington; and Arlesheim, Switzerland. The College Park, Maryland facility is used for research and development, servicing customers and corporate functions and is leased from the University of Maryland ("UMD"). The Bothell, Washington facility is used for manufacturing, research and development, servicing customers, and general office space. The Arlesheim, Switzerland facility is used for servicing customers and general office space. Both the College Park, Maryland, and Bothell, Washington, leases expire in 2030 and the Arlesheim, Switzerland lease expires in 2029. As of March 31, 2025 and December 31, 2024, the Company's weighted-average remaining lease term was 5.0 years and 5.2 years, respectively. As of both March 31, 2025 and December 31, 2024, the weighted-average discount rate was 8.2%.

The Bothell, Washington facility lease includes a landlord-provided tenant improvement allowance to offset a portion of the costs of the construction of leasehold improvements. The Company determined that the leasehold improvements will be Company-owned, and as such, reflected the lease incentive as a reduction of lease payments used to measure the operating lease liability and ROU asset as of the lease commencement date.

The components of lease cost were as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Operating lease cost(1)
Fixed lease cost	$	670	$	554
Short-term cost		84		45
Total operating lease cost	$	754	$	599

(1)

The lease costs are reflected in the condensed consolidated statements of operations as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cost of revenue	$	89	$	63
Research and development		493		334
Sales and marketing		88		21
General and administrative		84		181
Total operating lease cost	$	754	$	599

Supplemental cash flow and other information related to operating leases was as follows (in thousands):


	Three Months Ended March 31,
	2025		2024
Cash payments (receipts) included in the measurement of operating lease liabilities, net	$	801	$	(2,323	)

As of March 31, 2025, maturities of operating lease liabilities are as follows (in thousands):


	Amount
Year Ending December 31,
2025	$	2,881
2026		4,217
2027		4,281
2028		4,381
2029		3,943
Thereafter		1,510
Total lease payments	$	21,213
Less: imputed interest		(3,853	)
Present value of operating lease liabilities	$	17,360