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Commitments and Contingencies | 12 Months Ended
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Dec. 31, 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 claims or been required to defend any action related to its indemnification obligations. As of December 31, 2023, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Facility Leases The Company previously leased a facility located in Redwood City, California. In September 2023, the Company exited the facility. In October 2023, the lease expired and was not renewed. 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 Company began operations in at this facility in September 2023. 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 expects to 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. During the year ended December 31, 2022, the Company recorded both an right-of-use asset and liability of $22.7 million related to the lease. 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 is payable monthly. The following table presents supplemental lease information:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
Weighted-average lease term |  | 9.2 years |  | 9.4 years |  | 1.8 years |  |
Weighted-average discount rate |  | 8.5% |  | 8.7% |  | 10.8% |  |
Rent expense recognized under the leases, including additional rent charges for utilities, parking, maintenance and real estate taxes, was $8.4 million, $5.1 million and $2.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Future minimum annual operating lease and debt repayments are as follows (in thousands):
As of December 31, 2023 | Minimum Lease Payments |  | Debt Repayments |  | Total
2024 | $ | 4,184 |  |  | $ | — |  |  | $ | 4,184 |
2025 | 4,297 |  |  | 4,333 |  |  | 8,630 |
2026 | 4,426 |  |  | 26,000 |  |  | 30,426 |
2027 | 4,808 |  |  | 21,667 |  |  | 26,475 |
2028 | 4,952 |  |  | — |  |  | 4,952 |
Thereafter | 22,297 |  |  | — |  |  | 22,297 |
Total minimum payments | 44,964 |  |  | 52,000 |  |  | 96,964 |
Less: amount representing interest/unamortized debt discount/tenant improvement allowance | (17,099) |  |  | (661) |  |  | (17,760) |
Present value of future payments | 27,865 |  |  | 51,339 |  |  | 79,204 |
As of December 31, 2023 and 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 claims or been required to defend any action related to its indemnification obligations. As of December 31, 2023, the Company does not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities. Facility Leases The Company previously leased a facility located in Redwood City, California. In September 2023, the Company exited the facility. In October 2023, the lease expired and was not renewed. 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 Company began operations in at this facility in September 2023. 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 expects to 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. During the year ended December 31, 2022, the Company recorded both an right-of-use asset and liability of $22.7 million related to the lease. 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 is payable monthly. The following table presents supplemental lease information:
|  | Year Ended December 31,
|  | 2023 |  | 2022 |  | 2021 |  |
Weighted-average lease term |  | 9.2 years |  | 9.4 years |  | 1.8 years |  |
Weighted-average discount rate |  | 8.5% |  | 8.7% |  | 10.8% |  |
Rent expense recognized under the leases, including additional rent charges for utilities, parking, maintenance and real estate taxes, was $8.4 million, $5.1 million and $2.7 million for the years ended December 31, 2023, 2022, and 2021, respectively. Future minimum annual operating lease and debt repayments are as follows (in thousands):
As of December 31, 2023 | Minimum Lease Payments |  | Debt Repayments |  | Total
2024 | $ | 4,184 |  |  | $ | — |  |  | $ | 4,184 |
2025 | 4,297 |  |  | 4,333 |  |  | 8,630 |
2026 | 4,426 |  |  | 26,000 |  |  | 30,426 |
2027 | 4,808 |  |  | 21,667 |  |  | 26,475 |
2028 | 4,952 |  |  | — |  |  | 4,952 |
Thereafter | 22,297 |  |  | — |  |  | 22,297 |
Total minimum payments | 44,964 |  |  | 52,000 |  |  | 96,964 |
Less: amount representing interest/unamortized debt discount/tenant improvement allowance | (17,099) |  |  | (661) |  |  | (17,760) |
Present value of future payments | 27,865 |  |  | 51,339 |  |  | 79,204 |
As of December 31, 2023 and 2022, the Company’s security deposit is in the form of, and recorded as, restricted cash.

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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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