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COMMITMENTS AND CONTINGENCIES | 3 Months Ended
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Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
COMMITMENTS AND CONTINGENCIES | COMMITMENTS AND CONTINGENCIES Lease Obligations On July 14, 2021, the Company entered into a sixth amendment to its lease with Nancy Ridge Technology Center, L.P. which extended the term of the lease by an additional 24 months and increases the base rent to $103,733 per month effective January 1, 2022, subject to 3% increases every January. The lease expires on December 31, 2023 with options for two individual two-year extensions, as described in the original lease agreement, which have not been exercised, and remain in effect and available to the Company. As of March 31, 2022, the Company was not reasonably certain that it would exercise the extension options, and therefore did not include these options in the determination of the total lease term for accounting purposes. The incremental borrowing rate used in measuring the Company's lease liability was 10.8%. The following table presents information about the amount, timing and uncertainty of cash flows arising from the Company's operating lease as of March 31, 2022 (in thousands):
2022 | 1,020 |
2023 | 1,400 |
Total undiscounted operating lease payments | $ | 2,420 |
Less: Imputed interest | (226) |
Present value of lease payments | $ | 2,194 |
The balance sheet classification of the Company's operating lease is as follows (in thousands):
Balance Sheet Classification: |
Operating lease right-of-use asset | $ | 2,030 |
Current portion of lease liability | $ | 1,190 |
Lease liability | 1,004 |
Total operating lease liability | $ | 2,194 |
As of March 31, 2022, the weighted average remaining lease term was 1.8 years. Cash paid for amounts included in the present value of operating lease liabilities was $0.3 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively. Operating lease costs were $0.3 million and $0.2 million for the three months ended March 31, 2022 and 2021 respectively. These costs are primarily related to the Company's long-term operating lease, but also include immaterial amounts for variable leases and short-term leases with terms greater than 30 days. Contractual Obligations The Company enters into contracts in the normal course of business with vendors for research and development activities, manufacturing, and professional services. These contracts generally provide for termination either on notice or after a notice period.

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