Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.22.2.2
Leases
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases Leases
The Company leases its office and manufacturing facilities under five non-cancellable operating leases which expire in 2023 to 2027. The agreements include a provision for renewal at the then prevailing market rate for terms specified in each lease. During the three months ended September 30, 2022, the manufacturing facility operating lease was re-measured in accordance with ASC 842, Leases, as management’s intent is to exercise the renewal option at the end of the lease term due to the significant leasehold improvement investments made to the facility.
Total right-of-use (“ROU”) assets and lease liabilities are as follows:
September 30, December 31,
2022 2021
(In thousands)
Right-of-use assets:
Net book value (Other assets) $ 15,092  $ 11,073 
Operating lease liabilities:
Current (Accrued expense and other current liabilities) $ 2,604  $ 2,222 
Noncurrent (Other noncurrent liabilities) 13,200  9,143 
15,804  11,365 
Financing lease liabilities:
Current (Accrued expense and other current liabilities) $ 34  $ 33 
Noncurrent (Other noncurrent liabilities) 14  41 
$ 48  $ 74 
Total lease liabilities $ 15,852  $ 11,439 
There were no impairments recorded related to these assets as of September 30, 2022 and December 31, 2021.
Information about lease-related balances were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
(In thousands, except years and percentages)
Operating lease expense $ 721 $ 208 $ 2,156 $ 511
Financing lease expense 9 9 27 22
Short-term lease expense 95 41 262 76
Total lease expense $ 825 $ 258 $ 2,445 $ 609
Cash paid for leases $ 689 $ 178 $ 1,653 $ 805
Weighted – average remaining lease term – operating leases (years) 4.3 2.9 4.3 2.9
Weighted – average discount rate – operating leases 8.6% 4.4% 8.6% 4.4%
Maturity of operating lease liabilities as of September 30, 2022 are as follows:
(In thousands)
Remainder of 2022
$ 707 
2023 2,786 
2024 2,730 
2025 2,266 
2026 2,313 
Thereafter 13,670 
Total operating lease payments $ 24,472 
Less portion representing imputed interest (8,668)
Total operating lease liabilities $ 15,804 
Less current portion 2,604 
Long-term portion $ 13,200 
Leases Leases
The Company leases its office and manufacturing facilities under five non-cancellable operating leases which expire in 2023 to 2027. The agreements include a provision for renewal at the then prevailing market rate for terms specified in each lease. During the three months ended September 30, 2022, the manufacturing facility operating lease was re-measured in accordance with ASC 842, Leases, as management’s intent is to exercise the renewal option at the end of the lease term due to the significant leasehold improvement investments made to the facility.
Total right-of-use (“ROU”) assets and lease liabilities are as follows:
September 30, December 31,
2022 2021
(In thousands)
Right-of-use assets:
Net book value (Other assets) $ 15,092  $ 11,073 
Operating lease liabilities:
Current (Accrued expense and other current liabilities) $ 2,604  $ 2,222 
Noncurrent (Other noncurrent liabilities) 13,200  9,143 
15,804  11,365 
Financing lease liabilities:
Current (Accrued expense and other current liabilities) $ 34  $ 33 
Noncurrent (Other noncurrent liabilities) 14  41 
$ 48  $ 74 
Total lease liabilities $ 15,852  $ 11,439 
There were no impairments recorded related to these assets as of September 30, 2022 and December 31, 2021.
Information about lease-related balances were as follows:
Three Months Ended
September 30,
Nine Months Ended
September 30,
2022 2021 2022 2021
(In thousands, except years and percentages)
Operating lease expense $ 721 $ 208 $ 2,156 $ 511
Financing lease expense 9 9 27 22
Short-term lease expense 95 41 262 76
Total lease expense $ 825 $ 258 $ 2,445 $ 609
Cash paid for leases $ 689 $ 178 $ 1,653 $ 805
Weighted – average remaining lease term – operating leases (years) 4.3 2.9 4.3 2.9
Weighted – average discount rate – operating leases 8.6% 4.4% 8.6% 4.4%
Maturity of operating lease liabilities as of September 30, 2022 are as follows:
(In thousands)
Remainder of 2022
$ 707 
2023 2,786 
2024 2,730 
2025 2,266 
2026 2,313 
Thereafter 13,670 
Total operating lease payments $ 24,472 
Less portion representing imputed interest (8,668)
Total operating lease liabilities $ 15,804 
Less current portion 2,604 
Long-term portion $ 13,200