XML 27 R17.htm IDEA: XBRL DOCUMENT
v3.22.2

Commitments and Contingencies | 6 Months Ended
--- | ---
Jun. 30, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2022 and December 31, 2021, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Facility Lease In July 2013, the Company entered into a lease agreement for its current facility located in Redwood City, California. In 2018, the Company expanded the lease space and extended the lease agreement through October 2023. The lease agreement provides for an escalation of rent payments each year and the Company records rent expense on a straight-line basis over the term of the lease. Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $0.7 million for both the three months ended June 30, 2022 and 2021, respectively, and $1.4 million and $1.3 million for the six months ended June 30, 2022 and 2021, respectively.
As of June 30, 2022 | Minimum Lease Payments |  | Debt Repayments |  | Total
2022 | $ | 1,238 |  |  | $ | — |  |  | $ | 1,238 |
2023 | 2,092 |  |  | 12,500 |  |  | 14,592 |
2024 | — |  |  | 37,500 |  |  | 37,500 |
Total minimum payments | 3,330 |  |  | 50,000 |  |  | 53,330 |
Less: amount representing interest/unamortized debt discount | (243) |  |  | 507 |  |  | 264 |
Present value of future payments | 3,087 |  |  | 50,507 |  |  | 53,594 |
Less: current portion | (2,258) |  |  | — |  |  | (2,258) |
Non-current portion | $ | 829 |  |  | $ | 50,507 |  |  | $ | 51,336 |
As of June 30, 2022 and December 31, 2021, the Company’s security deposit is in the form of, and recorded as, restricted cash. In December 2021, the Company entered into a lease for two existing buildings, comprising approximately 158,221 square feet of space, located in San Jose, California. The lease commenced in July 2022, and will continue for 122 months following thereafter, with two five year options to extend the term of the lease. The Lease provides for annual base rent of $4.3 million for the first year, which increases on a yearly basis up to $5.5 million for the tenth year, for an aggregate of $49.2 million. Under the terms of the lease, the Company will receive an allowance of up to $7.9 million from the landlord to be applied to the Company’s construction of tenant improvements following the landlord’s delivery of the two buildings to the Company. The Company is currently assessing the accounting impact of the lease on its consolidated financial statements.
Commitments and Contingencies | Commitments and Contingencies Guarantees and Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of June 30, 2022 and December 31, 2021, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Facility Lease In July 2013, the Company entered into a lease agreement for its current facility located in Redwood City, California. In 2018, the Company expanded the lease space and extended the lease agreement through October 2023. The lease agreement provides for an escalation of rent payments each year and the Company records rent expense on a straight-line basis over the term of the lease. Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $0.7 million for both the three months ended June 30, 2022 and 2021, respectively, and $1.4 million and $1.3 million for the six months ended June 30, 2022 and 2021, respectively.
As of June 30, 2022 | Minimum Lease Payments |  | Debt Repayments |  | Total
2022 | $ | 1,238 |  |  | $ | — |  |  | $ | 1,238 |
2023 | 2,092 |  |  | 12,500 |  |  | 14,592 |
2024 | — |  |  | 37,500 |  |  | 37,500 |
Total minimum payments | 3,330 |  |  | 50,000 |  |  | 53,330 |
Less: amount representing interest/unamortized debt discount | (243) |  |  | 507 |  |  | 264 |
Present value of future payments | 3,087 |  |  | 50,507 |  |  | 53,594 |
Less: current portion | (2,258) |  |  | — |  |  | (2,258) |
Non-current portion | $ | 829 |  |  | $ | 50,507 |  |  | $ | 51,336 |
As of June 30, 2022 and December 31, 2021, the Company’s security deposit is in the form of, and recorded as, restricted cash. In December 2021, the Company entered into a lease for two existing buildings, comprising approximately 158,221 square feet of space, located in San Jose, California. The lease commenced in July 2022, and will continue for 122 months following thereafter, with two five year options to extend the term of the lease. The Lease provides for annual base rent of $4.3 million for the first year, which increases on a yearly basis up to $5.5 million for the tenth year, for an aggregate of $49.2 million. Under the terms of the lease, the Company will receive an allowance of up to $7.9 million from the landlord to be applied to the Company’s construction of tenant improvements following the landlord’s delivery of the two buildings to the Company. The Company is currently assessing the accounting impact of the lease on its consolidated financial statements.

X
- References No definition available. + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for commitments and contingencies. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 450 -URI http://asc.fasb.org/topic&trid=2127136 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -URI http://asc.fasb.org/topic&trid=2144648 Reference 3: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 954 -SubTopic 440 -Section 50 -Paragraph 1 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=6491277&loc=d3e6429-115629 Reference 4: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=123406679&loc=d3e25336-109308 Reference 5: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (a) -URI http://asc.fasb.org/extlink&oid=123406679&loc=d3e25336-109308 + Details
Name: | us-gaap_CommitmentsAndContingenciesDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration

X
- 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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | dtr-types:textBlockItemType
Balance Type: | na
Period Type: | duration