In May 2018, the Company entered into an operating lease agreement for its facility in Israel. The Company amended the lease term to expire in April 2022, with an option to renew for an additional 12 months. Under the lease agreement, monthly lease payments are approximately $4,200.

In December 2019, the Company entered into an operating lease for its headquarters in San Francisco, with a lease term that was due to expire in January 2022. In July 2021, the Company amended the lease agreement to extend the term of the lease to January 2023, with an option to renew the term for one year. Under the lease agreement, monthly lease payments are approximately $18,000.

Future minimum lease payments under the Company’s non-cancellable operating lease obligations as of December 31, 2021, are as follows (in thousands):

2022	$	212
2023		7
Total future minimum annual payments	$	219

Rent expense was $290,000 and $273,000 for the years ended December 31, 2021 and 2020, respectively. The Company has security deposit balances of $95,000, a portion of which is included in restricted cash and a portion in other assets in the consolidated balance sheets as of December 31, 2021 and 2020.

In April 2018, the Company concurrently entered into two Asset Transfer and License Agreements (the “Teva Agreements”) with Teva Pharmaceutical Industries Ltd (“Teva”) under which it acquired certain patents and intellectual property relating to two programs: (1) Teva’s glycoPEGylated FGF21 program, including the compound TEV-47948 (pegozafermin), a glycoPEGylated long-acting FGF21 and (2) Teva’s development program of small molecule inhibitors of fatty acid synthase. Pursuant to the Teva Agreements, the Company paid Teva an initial nonrefundable upfront payment of $6.0 million and the Company could be obligated to pay Teva up to $67.5 million under each program, for a total of $135.0 million, upon the achievement of certain clinical development and commercial milestones. In addition, the Company is obligated to pay Teva tiered royalties at percentages in the low-to-mid single-digits on worldwide net sales on all products containing the Teva compounds.

The Teva Agreements can be terminated (i) by the Company without cause upon 120 days’ written notice to Teva, (ii) by either party, if the other party materially breaches any of its obligations under the Teva Agreements and fails to cure such breach within 60 days after receiving notice thereof, or (iii) by either party, if a bankruptcy petition is filed against the other party and is not dismissed within 60 days. In addition, Teva can also terminate the agreement related to the Company’s glycoPEGylated FGF21 program in the event the Company, or any of its affiliates or sublicensees, challenges any of the Teva patents licensed to the Company, and the challenge is not withdrawn within 30 days of written notice from Teva.

During the years ended December 31, 2021 and 2020, none of the development and commercial milestones were met and accordingly, there were no milestone payments related to the Teva Agreements.