Company: INGN
Filing Date: 2025-02-28
Form Type: 10-K
Source: 0000950170-25-029993
Chunk: 250

Company: Inogen Inc
Filing Date: 2025-02-28
Form: 10-K
Item: Item 16
Chunk 250
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,227, $4,017, and $3,870 for the years ended December 31, 2024, 2023 and 2022, respectively. Operating lease right-of-use assets and liabilities commencing after January 1, 2019 are recognized at commencement date based on the present value of lease payments over the lease term. The operating leases do not contain material residual value guarantees or material restrictive covenants. In July 2023, the Company entered into an Assignment and Assumption of Lease Agreement in which a third party, referred to as the Assignee, assumed the rights, title, and interest in the lease, including assumption of lease payments. As inducement for the Assignee to enter into the agreement, the Company paid an incentive of $395, provided for four months of free rent for the period October 1, 2023 through January 31, 2024, and conveyed ownership of certain items of the facility's furniture and equipment. Commencing February 1, 2024 and ending May 31, 2031, the Assignee assumed responsibility for the monthly lease payments. Notwithstanding the Assignee's assumption of lease payments, Inogen remains the primary obligor under the lease to the landlord. The Assignee gained control to the facility on September 29, 2023, and related sublease income was not material.Lease payments assumed by the Assignee are:

        Payments due in the 12-month period ending December 31,

        2025
         
        $
        1,136

        2026

        1,136

        2027

        1,136

        2028

        1,136

        2029

        1,136

        Thereafter

        1,609

        $
        7,289

 F-26

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

        Year ended

        Year ended

        December 31,2024

        December 31,2023

        Cash paid for operating lease liabilities
         
        $
        4,391

        $
        4,044

        Operating lease cost

        4,173

        3,979

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

        1,838

        1,781

        Weighted-average remaining lease term