LEASES

The Group’s lease agreements include leases accounted for as operating leases and those accounted for as finance leases. This note provides information for leases where the Group is a lessee.

The Group leases laboratory facilities and offices through operating leases. These leases typically include lease options to renew the lease at which time the lease payments are renegotiated or adjusted to reflect pre-agreed charges or market rentals. Extension and termination options are included in a number of the property leases to allow for flexibility in terms of corporate growth and managing the assets used in the Group’s operations.

The Group leases IT equipment through finance leases with contract terms of 2-3 years. In order to extend the leases, both parties must agree. Finance lease ROU assets are included in plant and equipment, net and finance lease liabilities are included in current debt obligations and long-term debt on the consolidated balance sheets. The ROU assets, lease liabilities, lease costs, cash flows, and lease maturities associated with the Group’s finance leases were not material to the consolidated financial statements for fiscal years 2025 and 2024.

The table below discloses the balance sheet information relating to the Group’s operating leases:

(in thousands)	Balance sheet Classification	2025 $		2024 $
ROU assets	Operating lease ROU assets		1,995		1,085
Current liability	Current Operating lease liabilities		566		747
Non-current liability	Non-current Operating lease liabilities		1,678		645

Operating lease costs of $0.9 million and $0.8 million were recognized in fiscal years 2025 and 2024, respectively. The Company recognizes variable lease payments not included in its lease liabilities in the period in which the obligation for those payments is incurred. Short term and variable lease payments for fiscal year 2025 and 2024 were not material.

As of December 31, 2025, the weighted-average remaining lease terms of the Group’s operating leases was 3.8 years, compared to 2.6 years as of December 31, 2024. The increase primarily reflects the addition of the new 610 Maple Grove facility lease agreement to the Group’s operating lease portfolio during the year, following the transition from a subleased arrangement to a direct lease. The weighted-average discount rate applied to the Group’s operating leases was 11.4% for the year ended December 31, 2025 and 14.8% for the year ended December 31, 2024.

The following table summarizes the ROU assets obtained in exchange for lease liabilities and as a result of lease modifications:


(in thousands)	2025 $		2024 $
ROU assets obtained in exchange for new operating lease liabilities		1,553		25
Non-cash changes related to lease modifications, net of lease incentive		289		270

The following table summarizes the maturities of the Company’s operating leases at December 31, 2025. The amounts disclosed in the table are the contractual undiscounted cash flows. It is not expected that the cash flows included in the below maturity analysis could occur significantly earlier, or at significantly different amounts.

Fiscal year (in thousands)	Operating Leases $
2026		781
2027		627
2028		646
2029		567
2030		140
Total expected lease payments		2,761
Less imputed interest		(517	)
Total lease liabilities		2,244

About Leases Disclosures

Lease disclosures under ASC 842 provide a comprehensive view of a company's leased asset portfolio, including the split between operating and finance leases, discount rates used to present-value future payments, and the maturity schedule of lease obligations. This section reveals a significant source of off-balance-sheet commitments that were largely hidden before the current standard.

Key signals: the weighted-average discount rate affects the size of recorded lease liabilities — a higher rate reduces the reported obligation, so compare the chosen rate against the company's incremental borrowing rate. The operating versus finance lease mix affects both EBITDA and operating income presentation. Watch the maturity table for concentration risk: large payment cliffs in specific years may create cash flow pressure. Variable lease payments excluded from the liability measurement represent real obligations that do not appear on the balance sheet. Compare total lease costs against prior-year operating lease expense to assess the true economic burden.

Anteris Technologies Global Corp. Leases Disclosure

About Leases Disclosures

Other Available Disclosures