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Leases | 6 Months Ended
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Jun. 30, 2022
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 lease, which is presented as part of “Property and equipment, net” in our condensed consolidated balance sheets, is 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 June 30, |  |  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |  |  | 2022 |  |  | 2021 |
|  | (in thousands) |  |  | (in thousands) |
Straight line operating lease costs |  | $ | 1,344 |  |  | $ | 1,256 |  |  | $ | 2,889 |  |  | $ | 2,621 |
Finance lease costs |  |  | 111 |  |  |  | 116 |  |  | $ | 224 |  |  | $ | 173 |
Variable lease costs |  |  | 1,506 |  |  |  | 969 |  |  |  | 3,065 |  |  |  | 1,720 |
Total lease cost |  | $ | 2,961 |  |  | $ | 2,341 |  |  | $ | 6,178 |  |  | $ | 4,514 |
Supplemental cash flow information related to leases are as follows:
|  | Six Months Ended June 30, |
|  | 2022 |  |  | 2021 |
|  | (in thousands) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 3,348 |  |  | $ | 2,858 |
Operating cash flows for finance lease |  |  | 212 |  |  |  | 85 |
Operating lease right-of-use assets obtained in exchange for operating lease obligations |  |  | 240 |  |  |  | 4,041 |
Supplemental information related to the remaining lease term and discount rate are as follows:
|  | June 30, |
|  | 2022 |  |  | 2021 |
Weighted-average remaining lease term (in years) |  |  |  |  |  |
Operating leases |  |  | 5.6 |  |  |  | 6.3 |
Finance lease |  |  | 3.6 |  |  |  | 4.6 |
Weighted-average discount rate |  |  |  |  |  |
Operating leases |  |  | 5.73 | % |  |  | 5.79 | %
Finance lease |  |  | 6.62 | % |  |  | 6.62 | %
As of June 30, 2022, future minimum lease payments for our noncancelable operating leases are as follows. Future minimum lease payments under our finance lease are not material.
|  | Amount |  |
|  | (in thousands)
Remainder of 2022 |  | $ | 2,519 |  |
Year ending December 31: |  |  |  |
2023 |  |  | 4,927 |  |
2024 |  |  | 3,993 |  |
2025 |  |  | 3,962 |  |
2026 |  |  | 1,893 |  |
Thereafter |  |  | 4,375 |  |
Total future minimum lease payments |  |  | 21,669 |  |
Imputed interest |  |  | (3,083 | ) |
Total |  | $ | 18,586 |  |
Reported as of June 30, 2022 |  |  |  |
Operating lease liabilities, current portion |  | $ | 4,310 |  |
Operating lease liabilities, net of current portion |  |  | 14,276 |  |
Total operating lease liabilities |  | $ | 18,586 |  |
We recognized an impairment loss for certain of our asset groups estimated using a discounted cash flow model (income approach) for the six months ended June 30, 2021 of $3.3 million, which is included in selling, general and administrative expenses in our condensed consolidated statement of operations. The impairment loss recorded consisted of $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. There was no related impairment loss during the three and six months ended June 30, 2022. Manufacturing Agreement In December 2019, we entered into a manufacturing agreement with a vendor 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 would have expired five years from when qualified operations begin. Under the terms of the agreement, we were assigned a dedicated manufacturing suite for certain months in each calendar year for a one-time fee of $10.0 million, which would 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. In 2020, we entered into a supplemental agreement with the vendor for certain upgrades on the dedicated manufacturing suite and for additional equipment of approximately $0.2 million. As of December 31, 2021, the readiness determination phase of the dedicated manufacturing suite was expected to be completed in 2022. In March 2022, we mutually agreed with the vendor to terminate the manufacturing agreement. The termination agreement was formalized effective May 2022. Under the termination agreement, we will pay the $2.0 million remaining payable related to the dedicated manufacturing suite and a termination fee of $1.8 million for other existing services, both over a period of six months from the effective date of the termination agreement. We have paid $1.5 million of the amounts due to the vendor as of June 30, 2022. For the six months ended June 30, 2022, we recorded a pre-tax impairment loss of $10.2 million for the carrying value of the construction-in-progress asset that was no longer recoverable as our rights to the dedicated manufacturing suite ceased pursuant to the termination agreement. The aforementioned impairment loss and the termination fee are included as part of “Restructuring, impairment and related charges” in our condensed consolidated statement of operations for the six months ended June 30, 2022 (see Note 16).

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