The Company accounts for its leases under ASC 842, Leases. Effective April 1, 2024, the Company entered into a lease for lab space in Coralville, IA. The lease terminates in March 2028. Upon entering into this lease, the Company recognized a right-of-use asset and lease liability of approximately $1.1 million in the Consolidated Balance Sheet based upon the present value of the future lease payments discounted at an 8% discount rate using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as the lease does not provide an implicit discount rate. In November 2025, the Company entered into a lease agreement for office space, also in Coralville, IA, that terminates in November 2028. Upon entering into this lease, the Company recognized a right-of-use asset and lease liability of approximately $0.2 million in the Consolidated Balance Sheet based upon the present value of future lease payments discounted at an 8% discount rate using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as the lease does not provide an implicit discount rate.

The Company acquired a lease from Progenics, an affiliate of Lantheus, for a production facility in Somerset, NJ, effective on March 1, 2024 (see Note 3, Investments and Agreements, in this Form 10-K). The lease terminates on November 29, 2028. Upon entering into this lease, the Company recognized a right-of-use asset and lease liability of approximately $0.3 million in the Consolidated Balance Sheet based upon the present value of the future lease payments discounted at an 8% discount rate using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as the lease does not provide an implicit discount rate.

On August 8, 2024, the Company assumed a lease from Progenics for office space in Somerset, NJ (Office). The lease terminates on November 30, 2028. Upon entering into this lease, the Company recognized a right-of-use asset and lease liability of approximately $0.6 million in the Consolidated Balance Sheet based upon the present value of the future lease payments discounted at an 8% discount rate using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as the lease does not provide an implicit discount rate.

Upon assuming the lease, the Company entered into a license and access agreement with Lantheus, which provides access to both dedicated and shared space of the Office (Access Agreement). There is no renewal option, and the termination options are available only for material breaches. In consideration of the Access Agreement, Lantheus agreed to pay base rent and associated costs through December 2024 directly to the landlord. The base rent through December 2024 was less than $0.1 million (Prepaid Rent). Pursuant to ASC 842, Leases, the Access Agreement is a sublease in which the Company is a sublessor and Lantheus is a sublessee. The Company will amortize the Prepaid Rent over the entire lease term of 52 months.

On July 1, 2023, the Company entered into a lease for office space in Seattle, WA, that terminates in October 2028. Upon entering into this lease, the Company recognized a right-of-use asset and lease liability of approximately $0.8 million in the Consolidated Balance Sheet based upon the present value of the future lease payments discounted at an 8% discount rate using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as the lease does not provide an implicit discount rate.

The weighted average remaining term and discount rate for the Company’s operating leases as of December 31, 2025 was 2.6 years and 8%, respectively.

The Company’s operating lease expense was $1.1 million for the year ended December 31, 2025 and $0.8 million for the year ended December 31, 2024, and is recognized in “general and administrative” operating expenses in the Consolidated Statements of Operations and Comprehensive Loss.

The following table presents the future operating lease payments and lease liability included in the Consolidated Balance Sheet related to the Company’s operating leases as of December 31, 2025 (in thousands):


Year ending December 31,
2026	$	725
2027		569
2028		514
Total		1,808
Less: imputed interest		(180	)
Total lease liability		1,628
Less: current portion		(623	)
Noncurrent lease liability	$	1,005

The Company had an asset retirement obligation (ARO) associated with the facility it leased in Richland, WA. This lease is included in the GT Medical APA and was assigned to GT Medical upon the GT Medical Closing, which occurred on April 12, 2024. As such, this liability is no longer reported as an ARO in the Company’s consolidated financial statements as of December 31, 2025 and 2024. However, the Company maintains the estimated liability in its consolidated financial statements related to hazardous waste removal. During the second quarter of 2025, the Company reduced this reserve by $0.3 million based on an estimate received from the hazardous waste disposal vendor. Accordingly, the estimated liability was $0.2 million and $0.5 million as of December 31, 2025 and 2024, respectively, and is included within “accounts payable and accrued expenses” in the Consolidated Balance Sheets. For additional information, see Note 4, Discontinued Operations, in this Form 10-K.