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Leases | 9 Months Ended
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Sep. 30, 2021
Leases [Abstract] |
Leases | 13. Leases Operating and Finance Leases We have operating leases for our corporate headquarters, office spaces and laboratory facilities. One of our office space leases has a finance lease component representing lessor provided furniture and office equipment. Our finance leases, which are presented as part of “Property and equipment, net” in our consolidated balance sheets, are not material. Certain leases include renewal options at our election and we include the renewal options when we are reasonably certain that the renewal option will be exercised. The lease liabilities were measured using a weighted-average discount rate based on the most recent borrowing rate as of the calculation of the respective lease liability, adjusted for the remaining lease term and aggregate amount of the lease. The components of lease cost are as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |  |  | 2021 |  |  | 2020 |
|  | (in thousands) |  |  | (in thousands) |
Straight line operating lease costs |  | $ | 1,457 |  |  | $ | 995 |  |  | $ | 4,078 |  |  | $ | 2,684 |
Finance lease costs |  |  |  |  |  |  |  |  |  |  |  |
Straight line finance lease costs |  |  | 88 |  |  |  | — |  |  |  | 205 |  |  |  | — |
Interest on finance lease liability |  |  | 27 |  |  |  | — |  |  |  | 83 |  |  |  | — |
Variable lease costs |  |  | 1,111 |  |  |  | 257 |  |  |  | 2,831 |  |  |  | 558 |
Total lease cost |  | $ | 2,683 |  |  | $ | 1,252 |  |  | $ | 7,197 |  |  | $ | 3,242 |
Supplemental cash flow information related to leases are as follows:
|  | Nine Months Ended September 30, |
|  | 2021 |  |  | 2020 |
|  | (in thousands) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 4,474 |  |  | $ | 2,749 |
Operating cash flows for finance lease — cash paid for interest |  |  | 101 |  |  |  | — |
Financing cash flows for finance lease — cash paid for principal |  |  | 71 |  |  |  | — |
Operating lease right-of-use assets obtained in exchange for operating lease obligations |  |  | 6,380 |  |  |  | 11,814 |
Supplemental information related to the remaining lease term and discount rate are as follows:
|  | September 30, |
|  | 2021 |  |  | 2020 |
Weighted-average remaining lease term (in years) |  |  |  |  |  |
Operating leases |  |  | 5.7 |  |  |  | 5.2 |
Finance lease |  |  | 4.3 |  |  |  | — |
Weighted-average discount rate |  |  |  |  |  |
Operating leases |  |  | 5.58 | % |  |  | 5.91 | %
Finance lease |  |  | 6.62 | % |  |  | — |
As of September 30, 2021, future minimum lease payments for our noncancelable leases are as follows:
|  | Operating Leases |  |  | Finance Lease |
|  | (in thousands) |
Remainder of 2021 |  | $ | 1,214 |  |  | $ | 66 |
Year ending December 31: |  |  |  |  |  |
2022 |  |  | 6,455 |  |  |  | 420 |
2023 |  |  | 5,289 |  |  |  | 432 |
2024 |  |  | 4,478 |  |  |  | 445 |
2025 |  |  | 3,967 |  |  |  | 459 |
Thereafter |  |  | 6,317 |  |  |  | 38 |
Total future minimum lease payments |  |  | 27,720 |  |  |  | 1,860 |
Imputed interest |  |  | (4,038 | ) |  |  | (248 | )
Total |  | $ | 23,682 |  |  | $ | 1,612 |
Reported as of September 30, 2021 |  |  |  |  |  |
Operating lease liabilities, current portion |  | $ | 4,999 |  |  |  |
Operating lease liabilities, net of current portion |  |  | 18,683 |  |  |  |
Total operating lease liabilities |  | $ | 23,682 |  |  |  |
Finance lease liability, current portion — Included in “Other accrued liabilities” |  |  |  |  | $ | 283 |
Finance lease liability, net of current portion — Included in “Other long-term liabilities” |  |  |  |  |  | 1,329 |
Total finance lease liability |  |  |  |  | $ | 1,612 |
We recognized an impairment loss for certain of our asset groups estimated using discounted cash flow model (income approach) during the three months ended March 31, 2021 of $3.3 million, which is included in selling, general and administrative expenses in our condensed consolidated statement of operations for the nine months ended September 30, 2021. The impairment loss recorded includes $2.6 million related to operating lease right-of-use assets and $0.7 million related to property and equipment namely leasehold improvements and office furniture and equipment that we no longer use. Manufacturing Agreement In December 2019, we entered into a manufacturing agreement to secure clinical and commercial scale manufacturing capacity for the manufacture of batches of active pharmaceutical ingredients for product candidates of certain subsidiaries of BridgeBio. Unless terminated as allowed within the manufacturing agreement, the agreement will expire five years from when qualified operations begin. Under the terms of the agreement, we are assigned a dedicated manufacturing suite for certain months in each calendar year for a one-time fee of $10.0 million, which will be applied to the buildout, commissioning, qualification, validation, equipping and exclusive use of the dedicated manufacturing suite. We recorded a construction-in-progress asset of $10.0 million for the payments directly associated with the dedicated manufacturing suite as these payments are deemed to represent a non-lease component. The readiness determination phase of the dedicated manufacturing suite is expected to be completed in 2021. The remaining payable related to the dedicated manufacturing suite, recorded as part of “Other accrued liabilities” in the condensed consolidated balance sheets, amounted to $2.0 million and $4.0 million as of September 30, 2021 and December 31, 2020, respectively.

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