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Leases | 3 Months Ended
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Mar. 31, 2023
Leases [Abstract] |
Leases | 13. 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 March 31 2023, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Straight line operating lease costs |  | $ | 1,032 |  |  | $ | 1,545 |
Finance lease costs |  |  | 108 |  |  |  | 113 |
Variable lease costs |  |  | 1,718 |  |  |  | 1,559 |
Total lease cost |  | $ | 2,858 |  |  | $ | 3,217 |
Supplemental cash flow information related to leases are as follows:
|  | Three Months Ended March 31, |
|  | 2023 |  |  | 2022 |
|  | (in thousands) |
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 1,250 |  |  | $ | 1,820 |
Operating cash flows for finance lease |  |  | 108 |  |  |  | 107 |
Operating lease right-of-use assets obtained in exchange for operating lease obligations |  |  | 828 |  |  |  | 240 |
Supplemental information related to the remaining lease term and discount rate are as follows:
|  | March 31, |
|  | 2023 |  |  | 2022 |
Weighted-average remaining lease term (in years) |  |  |  |  |  |
Operating leases |  |  | 5.1 |  |  |  | 5.7 |
Finance lease |  |  | 2.8 |  |  |  | 3.8 |
Weighted-average discount rate |  |  |  |  |  |
Operating leases |  |  | 6.18 | % |  |  | 5.70 | %
Finance lease |  |  | 6.62 | % |  |  | 6.62 | %
As of March 31, 2023, 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 2023 |  | $ | 3,278 |  |
Year ending December 31: |  |  |  |
2024 |  |  | 4,649 |  |
2025 |  |  | 3,939 |  |
2026 |  |  | 1,870 |  |
2027 |  |  | 851 |  |
Thereafter |  |  | 3,367 |  |
Total future minimum lease payments |  |  | 17,954 |  |
Imputed interest |  |  | (2,376 | ) |
Total |  | $ | 15,578 |  |
Reported as of March 31, 2023 |  |  |  |
Operating lease liabilities, current portion |  | $ | 3,674 |  |
Operating lease liabilities, net of current portion |  |  | 11,904 |  |
Total operating lease liabilities |  | $ | 15,578 |  |
No impairment loss was recognized during the three months ended March 31, 2023 and 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. In accordance with the termination agreement, we paid the $2.0 million remaining payable related to the dedicated manufacturing suite and a termination fee of $1.8 million. During the three months ended March 31, 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 will cease pursuant to the proposed 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 three months ended March 31, 2022 (see Note 16).

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