Quarterly report pursuant to Section 13 or 15(d)

Leases

v3.24.3
Leases
9 Months Ended
Sep. 30, 2024
Leases [Abstract]  
Leases

6. Leases

The Company has entered into operating leases primarily for commercial buildings. These leases have terms that range from 3 years to 11 years, some of which include options to extend the leases for up to 5 years. Rent expense, including short-term lease cost, was $1,132 and $1,008 for the three months ended September 30, 2024 and 2023, respectively, and $3,341 and $2,944 for the nine months ended September 30, 2024 and 2023, respectively.

In July 2023, the Company entered into an Assignment and Assumption of Lease Agreement in which a third party (Assignee) assumed the rights, title, and interest in the lease, including assumption of lease payments. Notwithstanding the Assignee's assumption of lease payments, Inogen remains the primary obligor under the lease to the landlord. Lease payments assumed by the Assignee are:

 

Payments due in the 12-month period ending September 30,

 

 

 

2025

 

$

1,136

 

2026

 

 

1,136

 

2027

 

 

1,136

 

2028

 

 

1,136

 

2029

 

 

1,136

 

Thereafter

 

 

1,893

 

 

 

$

7,573

 

 

Information related to the Company's right-of-use assets and related operating lease liabilities were as follows:

 

 

Nine months ended

 

 

 

September 30,

 

 

 

2024

 

 

2023

 

Cash paid for operating lease liabilities

 

$

3,494

 

 

$

3,016

 

Operating lease cost

 

 

3,298

 

 

 

2,923

 

Non-cash right-of-use assets obtained in exchange for new operating lease obligations

 

 

1,566

 

 

 

1,997

 

Weighted average remaining lease term

 

3.3 years

 

 

1.9 years

 

Weighted average discount rate

 

 

5.6

%

 

 

3.0

%

 

Maturities of lease liabilities due in the 12-month period ending September 30,

 

 

 

 

 

2025

 

$

3,325

 

 

 

2026

 

 

3,641

 

 

 

2027

 

 

3,637

 

 

 

2028

 

 

3,287

 

 

 

2029

 

 

3,089

 

 

 

Thereafter

 

 

5,038

 

 

 

 

 

 

22,017

 

 

 

Less imputed interest

 

 

(1,870

)

 

 

Total lease liabilities

 

$

20,147

 

 

 

 

 

 

 

 

 

Operating lease liability - current

 

$

2,777

 

 

 

Operating lease liability - noncurrent

 

 

17,370

 

 

 

Total lease liabilities

 

$

20,147