In July 2016, we entered into a five-year lease agreement for our previous headquarters facility located in Foster City, California. The original term of the lease was from September 1, 2016 to August 31, 2021, with two 30-month renewal options. In July 2019, we leased another facility in Foster City, California as a result of growth in personnel and lab space requirements. The original term of this lease was from July 1, 2019 to October 31, 2021, with no renewal options. In November 2020, we extended the terms of both of these leases for six months to March 1, 2022 and April 30, 2022, respectively. In February 2022, we entered into an early termination agreement for one of the facilities in Foster City and terminated our lease on February 12, 2022 instead of April 30, 2022. We also leased an office in San Diego, California with a lease term that ended on April 30, 2021.

In January 2021, we entered into a lease agreement for our new corporate headquarters facility located in San Carlos, California and a license agreement for temporary lab and office space in Palo Alto, California. The lease term for our new corporate headquarters facility began on January 22, 2021 and expires on December 31, 2025. We have two 60-month renewal options. The original term of the license agreement for temporary space in Palo Alto terminated when the San Carlos office leasehold improvements were completed and we moved into our new corporate headquarters. We extended the license agreement for the Palo Alto office by 60 days to March 3, 2022 to accommodate our relocation plan. These two agreements are accounted for as a combined lease because the contracts were negotiated as a package with the same commercial objective.

We early adopted ASC 842 and its associated amendments as of January 1, 2021 using the modified retrospective transition approach by applying the new standard to all leases existing at the date of the initial adoption and not restating comparative periods. We elected the package of practical expedients permitted under the transition guidance within the new standard, which among other things, allowed us to carryforward the historical lease classification of those leases in place as of January 1, 2021. The adoption of ASC 842 resulted in an increase to total assets and liabilities due to the recording of operating lease ROU assets and operating lease liabilities of $0.9 million and $0.9 million, respectively, as of January 1, 2021. ROU assets and lease liabilities are recognized based on the present value of the fixed and in-substance fixed lease payments over the lease terms at their respective commencement dates. The ROU assets also include any initial direct costs incurred and lease payments made at or before the commencement date and are reduced by lease incentives. In determining the present value of lease payments, since the rate implicit in the lease is generally not readily determinable, we use our incremental borrowing rate, which requires management’s judgment, including for the development of a synthetic credit rating and the cost of debt as we currently do not carry any debt. Variable lease costs, which are dependent on usage, a rate or index, including common area maintenance charges for our real estate leases, are expensed as incurred.

Upon commencement of the Palo Alto lease in March 2021, we recorded a ROU asset and lease liability of $0.3 million and $0.3 million, respectively. Upon commencement of the San Carlos lease in December 2021, we recorded a ROU asset and lease liability of $28.4 million and $12.9 million, respectively. Because the Palo Alto and the San Carlos agreements are accounted for as a combined lease, lease payments and lease incentives are allocated between the two leases.

Information related to our ROU assets and related lease liabilities was as follows (dollar amounts in thousands):


	December 31,
	2021
Cash paid for operating lease liabilities	$	924
Right-of-use assets recognized in exchange for new lease obligations	$	27,958

Current operating lease liabilities	$	5,276
Non-current operating lease liabilities		11,507
Total lease liabilities	$	16,783
Weighted-average remaining lease term (in years)		3.75
Weighted-average discount rate		7.5	%

Maturities of lease liabilities as of December 31, 2021 were as follows:


Years ending December 31,	(in thousands)
2022(1)	$	(105	)
2023		6,639
2024		6,805
2025		6,976
Thereafter		—
Total future undiscounted lease payments		20,315
Less: Imputed interest		(3,532	)
Total lease liabilities	$	16,783

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(1) Maturities for 2022 are net of lease incentives of $0.9 million allocated to the Palo Alto office.

Future minimum payments required under operating leases as of December 31, 2020 were as follows:


Years ending December 31,	(in thousands)
2021	$	742
2022		190
Total future minimum payments	$	932

Rent expense recognized under the leases was $3.2 million, $0.7 million and $0.6 million for the years ended December 31, 2021, 2020 and 2019, respectively.