Lease Obligations

9 Months Ended

Sep. 30, 2022

The Company leases certain assets under operating leases, which primarily consisted of real estate leases, laboratory equipment leases and office equipment leases as of September 30, 2022. Renewal options for the Company's leases range from 1 to 5 years in length and begin from 2023 through 2026.

Aggregate lease expense under operating leases was as follows (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2022		2021		2022		2021
Aggregate lease expense	$	634	$	393	$	1,854	$	1,306

Other supplemental information related to leases was as follows:

As of September 30, 2022

As of December 31, 2021

Weighted average remaining lease term

8.4 years

9.2 years

Weighted average discount rate

10.9%

11.2%

All of the Company’s leases qualify as operating leases. The following table summarizes the presentation in the Consolidated Balance Sheets of the Company’s operating leases:


	Balance Sheet Location	As of September 30, 2022		As of December 31, 2021
Assets:
Operating lease assets, net	Other Assets	$	6,797	$	6,472
Liabilities:
Current operating lease liabilities	Lease financing obligation – current liabilities	$	2,196	$	1,819
Non-current operating lease liabilities	Lease financing obligation – long-term liabilities	5,968		5,962
Total operating lease liabilities		$	8,164	$	7,781

Operating lease assets are recorded net of accumulated amortization of $3,874 and $2,626 as of September 30, 2022 and December 31, 2021, respectively.

Cash paid for amounts included in the measurement of lease liabilities was $615 and $1,796 for the three and nine months ended September 30, 2022, respectively, and $306 and $1,125 for the three and nine months ended September 30, 2021, respectively.

Maturities of operating lease liabilities as of September 30, 2022, are as follows (in thousands):


2022 (remaining)	$	684
2023	2,334
2024	1,785
2025	1,441
2026	651
Thereafter	6,734
Total lease payments	13,629
Less imputed interest	(5,465)
Total	$	8,164