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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2023
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 material claims or been required to defend any action related to its indemnification obligations. As of September 30, 2023 and December 31, 2022, 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 previous facility located in Redwood City, California. In 2018, the Company expanded the lease space and extended the lease agreement through October 2023. In January 2023, the Company entered into an amendment to this lease that provided that the lease of 19,807 square feet of office space would terminate on October 29, 2023, and lease of the remaining 23,638 square feet is extended to terminate no later than January 31, 2024 unless the Company provides notice it will not utilize such extension. The Company provided the notice of intent to not extend the term of the lease. Therefore, the lease will terminate on October 29, 2023. 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 years options to extend the term of the lease. Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $2.6 million and $1.9 million for the three months ended September 30, 2023 and 2022, respectively, and $6.6 million and $3.3 million for the nine months ended September 30, 2023 and 2022, respectively.
As of September 30, 2023 | Minimum Lease Payments |  | Debt Repayments |  | Total
2023 | $ | 1,262 |  |  | $ | — |  |  | $ | 1,262 |
2024 | 4,183 |  |  | — |  |  | 4,183 |
2025 | 4,297 |  |  | 4,333 |  |  | 8,630 |
2026 | 4,426 |  |  | 26,000 |  |  | 30,426 |
2027 | 4,808 |  |  | 21,667 |  |  | 26,475 |
Thereafter | 27,250 |  |  | — |  |  | 27,250 |
Total minimum payments | 46,226 |  |  | 52,000 |  |  | 98,226 |
Less: amount representing interest/unamortized debt discount | (17,794) |  |  | (693) |  |  | (18,487) |
Present value of future payments | 28,432 |  |  | 51,307 |  |  | 79,739 |
Less: current portion | (1,702) |  |  | — |  |  | (1,702) |
Non-current portion | $ | 26,730 |  |  | $ | 51,307 |  |  | $ | 78,037 |
As of September 30, 2023 and December 31, 2022, the Company’s security deposit is in the form of, and recorded as, restricted cash.
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 material claims or been required to defend any action related to its indemnification obligations. As of September 30, 2023 and December 31, 2022, 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 previous facility located in Redwood City, California. In 2018, the Company expanded the lease space and extended the lease agreement through October 2023. In January 2023, the Company entered into an amendment to this lease that provided that the lease of 19,807 square feet of office space would terminate on October 29, 2023, and lease of the remaining 23,638 square feet is extended to terminate no later than January 31, 2024 unless the Company provides notice it will not utilize such extension. The Company provided the notice of intent to not extend the term of the lease. Therefore, the lease will terminate on October 29, 2023. 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 years options to extend the term of the lease. Rent expense recognized under the lease, including additional rent charges for utilities, parking, maintenance, and real estate taxes, was $2.6 million and $1.9 million for the three months ended September 30, 2023 and 2022, respectively, and $6.6 million and $3.3 million for the nine months ended September 30, 2023 and 2022, respectively.
As of September 30, 2023 | Minimum Lease Payments |  | Debt Repayments |  | Total
2023 | $ | 1,262 |  |  | $ | — |  |  | $ | 1,262 |
2024 | 4,183 |  |  | — |  |  | 4,183 |
2025 | 4,297 |  |  | 4,333 |  |  | 8,630 |
2026 | 4,426 |  |  | 26,000 |  |  | 30,426 |
2027 | 4,808 |  |  | 21,667 |  |  | 26,475 |
Thereafter | 27,250 |  |  | — |  |  | 27,250 |
Total minimum payments | 46,226 |  |  | 52,000 |  |  | 98,226 |
Less: amount representing interest/unamortized debt discount | (17,794) |  |  | (693) |  |  | (18,487) |
Present value of future payments | 28,432 |  |  | 51,307 |  |  | 79,739 |
Less: current portion | (1,702) |  |  | — |  |  | (1,702) |
Non-current portion | $ | 26,730 |  |  | $ | 51,307 |  |  | $ | 78,037 |
As of September 30, 2023 and December 31, 2022, the Company’s security deposit is in the form of, and recorded as, restricted cash.

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