Lantheus Holdings, Inc. Leases Disclosure
14. Leases
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 (the “Existing Premises Lease”), and on May 4, 2023, the Company modified 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. On October 7, 2024, the Company executed a second amendment to the Existing Premises Lease for additional space resulting in one additional operating lease, and as of December 31, 2025, this additional operating lease has not yet commenced. On February 14, 2025, the Company executed a third amendment to the Existing Premises Lease which included finalizing the conversion of the rent schedule from gross to triple net, resulting in a reduction of the Existing Premises Lease ROU asset and lease liability by $5.8 million. 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.
Operating and finance lease assets and liabilities are as follows:
(in thousands) |
Classification |
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||
Assets |
|
|
|
|
|
|
|
||
Operating |
|
$ |
30,975 |
|
|
$ |
36,083 |
|
|
Finance |
|
|
1,260 |
|
|
|
1,564 |
|
|
Total leased assets |
|
|
$ |
32,235 |
|
|
$ |
37,647 |
|
Liabilities |
|
|
|
|
|
|
|
||
Current |
|
|
|
|
|
|
|
||
Operating |
|
$ |
3,804 |
|
|
$ |
1,867 |
|
|
Finance |
|
|
738 |
|
|
|
974 |
|
|
Noncurrent |
|
|
|
|
|
|
|
||
Operating |
|
|
50,016 |
|
|
|
53,185 |
|
|
Finance |
|
|
511 |
|
|
|
671 |
|
|
Total leased liabilities |
|
|
$ |
55,069 |
|
|
$ |
56,697 |
|
|
|
|
|
|
|
|
|
||
The components of lease expense were as follows:
|
|
Year Ended December 31, |
|
|||||||||
(in thousands) |
|
2025 |
|
|
2024 |
|
|
2023 |
|
|||
Operating lease expense |
|
$ |
6,138 |
|
|
$ |
6,391 |
|
|
$ |
4,627 |
|
Finance lease expense |
|
|
|
|
|
|
|
|
|
|||
Amortization of ROU assets |
|
|
1,103 |
|
|
|
962 |
|
|
|
795 |
|
Interest on lease liabilities |
|
|
85 |
|
|
|
96 |
|
|
|
81 |
|
Total lease expense |
|
$ |
7,326 |
|
|
$ |
7,449 |
|
|
$ |
5,503 |
|
Other information related to leases is as follows:
|
|
December 31, 2025 |
|
|
December 31, 2024 |
|
||
Weighted-average remaining lease term (years): |
|
|
|
|
|
|
||
Operating leases |
|
|
11.2 |
|
|
|
13.1 |
|
Finance leases |
|
|
1.8 |
|
|
|
1.9 |
|
Weighted-average discount rate: |
|
|
|
|
|
|
||
Operating leases |
|
|
7.5 |
% |
|
|
7.5 |
% |
Finance leases |
|
|
5.5 |
% |
|
|
6.0 |
% |
|
|
Year Ended December 31, |
|
|||||
(in thousands) |
|
2025 |
|
|
2024 |
|
||
Cash paid for amounts included in the measurement of lease liabilities: |
|
|
|
|
|
|
||
Operating cash flows from operating leases |
|
$ |
2,289 |
|
|
$ |
4,540 |
|
Operating cash flows from finance leases |
|
$ |
85 |
|
|
$ |
96 |
|
Financing cash flows from finance leases |
|
$ |
1,106 |
|
|
$ |
318 |
|
Future minimum lease payments under non-cancellable leases as of December 31, 2025 were as follows:
(in thousands) |
|
Operating Leases |
|
|
Finance Leases |
|
||
2026 |
|
$ |
7,163 |
|
|
$ |
782 |
|
2027 |
|
|
8,565 |
|
|
|
424 |
|
2028 |
|
|
7,986 |
|
|
|
100 |
|
2029 |
|
|
7,205 |
|
|
|
— |
|
2030 |
|
|
6,544 |
|
|
|
— |
|
Thereafter |
|
|
48,686 |
|
|
|
— |
|
Total future minimum lease payments |
|
|
86,149 |
|
|
|
1,306 |
|
Less: interest |
|
|
32,330 |
|
|
|
57 |
|
Total |
|
$ |
53,819 |
|
|
$ |
1,249 |
|
|
|
|
|
|
|
|
||
Historical Timeline
| Fiscal Year | Filed | |
|---|---|---|
| 2025 | Feb 26, 2026 | Showing above |
| 2024 | Feb 26, 2025 | |
| 2023 | Feb 22, 2024 | |
| 2022 | Feb 23, 2023 | |
| 2021 | Feb 24, 2022 | |
| 2020 | Feb 25, 2021 | |
| 2019 | Feb 25, 2020 | |
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.