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Operating Leases | 6 Months Ended
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Jun. 30, 2024
Leases [Abstract] |
Operating Leases | 5. Operating Leases The Company leases its laboratory and office facilities at 7000 Shoreline Court, South San Francisco for approximately 29,000 square feet with an expiration date in September 2024. In November 2023, the Company entered into a lease agreement for approximately 5,700 square feet of space at 11710 El Camino Real, San Diego, California for corporate office space. The lease term commenced in December 2023 and expires in March 2028. The Company has an option to renew the lease for 3 years. In June 2023, the Company entered into a lease agreement for approximately 44,000 square feet of space at 5000 Shoreline Court, South San Francisco, California. The lease term is expected to commence in the third quarter of 2024 and the lease term is one hundred twenty months. The Company has an option to extend the lease term for a total of two consecutive five-year periods. In May 2024, the Company amended its 5000 Shoreline Court facility lease agreement to expand the size of the original premises by adding approximately 11,321 rentable square feet of additional space. The lease term has not yet commenced as of June 30, 2024. Future minimum lease payments under operating leases included on the Company's condensed balance sheet are as follows:
As of June 30, 2024 |  | Operating Leases |
2024 |  | $ | 801 |
2025 |  |  | 386 |
2026 |  |  | 398 |
2027 |  |  | 410 |
2028 |  |  | 106 |
Total future minimum lease payments |  |  | 2,101 |
Less: imputed interest |  |  | (232 | )
Total operating lease liabilities |  | $ | 1,869 |
The following table summarizes other information about the Company's operating leases:
|  | As of |
|  | June 30, 2024 |  |  | December 31, 2023 |
Remaining Lease Term |  |  | 2.6 |  |  |  | 2.4 |
Discount Rate |  |  | 8.6 | % |  |  | 8.0 | %
Operating lease costs were $0.5 million and $1.0 million for the three and six months ended June 30, 2024 and $0.4 million and $0.8 million for the three and six months ended June 30, 2023. Variable lease costs were $0.4 million and $0.8 million for the three and six months ended June 30, 2024 and $0.4 million and $0.7 million for the three and six months ended June 30, 2023. Variable lease costs represent additional costs incurred, related to administration, maintenance and property tax costs incurred, which are billed based on both usage and as a percentage of the Company's share of total square footage. During the six months ended June 30, 2024 and June 30, 2023, cash paid for amounts included in the measurement of lease liabilities was $1.1 million and $1.0 million, respectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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