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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | . Commitments and Contingencies Operating Lease Our operating leases include Entasis’ facility lease (“Entasis Lease”) consisting of 20,062 square feet of office and laboratory space in Waltham, Massachusetts. In February 2022, Entasis decided to exercise a renewal option for the Entasis Lease to extend the lease term for three additional years through 2025 and subsequently signed the Second Amendment in April 2022. As of March 31, 2022, the weighted average remaining lease term was 3.8 years and the weighted-average incremental borrowing rate used to determine the operating lease right-of-use assets was 7.8%. We also lease approximately 2,111 square feet of office space in Burlingame, California. The following table summarizes our operating leases as presented in the consolidated balance sheets:
|  | March 31, |  |  | December 31, |
(In thousands) |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |
Right-of-use assets |  | $ | 3,794 |  |  | $ | 97 |
Liabilities |  |  |  |  |  |
Lease liabilities, current |  | $ | 622 |  |  | $ | 106 |
Lease liabilities, long-term |  |  | 3,299 |  |  |  | — |
Total lease liabilities |  | $ | 3,921 |  |  | $ | 106 |
Future minimum operating lease payments on the Entasis Lease as of March 31, 2022 were as follows:
(In thousands) |  |  |
Years ending December 31: |  |  |
Remainder of 2022 |  | $ | 553 |
2023 |  |  | 1,249 |
2024 |  |  | 1,269 |
2025 |  |  | 1,289 |
Total undiscounted lease payments |  |  | 4,360 |
Less: imputed interest |  | $ | (516 | )
Total operating lease liabilities |  | $ | 3,844 |
Future minimum operating lease payments on our corporate headquarters in Burlingame, California as of March 31, 2022 were as follows:
(In thousands) |  |  |
Years ending December 31: |  |  |
Remainder of 2022 |  | $ | 76 |
Thereafter |  |  | — |
Total |  | $ | 76 |
Legal Proceedings From time to time, the Company is involved in legal proceedings in the ordinary course of its business. Currently, we believe that no litigation or arbitration, either individually or in the aggregate, to which we are presently a party is likely to have a material adverse effect on our operating results or financial position.

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