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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 9. Commitments and Contingencies Operating Leases The Company has operating leases for office and lab space in South San Francisco, California and office space in San Diego, California. In August 2021, the Company entered into a lease amendment for the South San Francisco facility that extended the lease term until May 2028. The lease amendment includes the option to extend the lease for one additional year. In October 2021, the Company entered into a lease amendment for the current San Diego facility that extended the lease expiration from December 2021 to February 2022. Additionally, in September 2021, the Company entered into a lease agreement for a new San Diego facility with a term of 36 months that is expected to commence in February 2022. The leases may require the Company to pay property taxes, insurance and common area maintenance. These payments are recognized as variable lease costs in the period they are incurred and are not included within lease liabilities. As a result of the lease amendment for the South San Francisco facility, the Company's operating lease right-of-use assets and lease liabilities increased during the quarterly period. The right-of-use assets were $12.0 million as of September 30, 2021 and are recorded in the balance sheet in other assets. Lease liabilities are recorded in accrued liabilities and other long-term liabilities in the balance sheet and as of September 30, 2021 were $1.8 million and $10.7 million, respectively. Operating lease costs for the three and nine months ended September 30, 2021 were approximately $0.5 million and $1.2 million, respectively. Cash paid for our operating leases for the nine months ended September 30, 2021 was $1.5 million. The weighted average discount rate used was 8.2% and the weighted-average remaining lease term for all operating leases was 6.61 years. Future lease payments of operating lease liabilities as of September 30, 2021 were as follows (in thousands):
|  | Operating Leases |
2021 remaining 3 months |  | $ | 492 |
2022 |  |  | 1,956 |
2023 |  |  | 2,390 |
2024 |  |  | 2,474 |
2025 |  |  | 2,561 |
Thereafter |  |  | 6,432 |
Total minimum lease payments |  |  | 16,305 |
Less: interest |  |  | 3,766 |
Present value of lease liabilities |  | $ | 12,539 |
Future minimum lease payments under non-cancelable operating leases as of December 31, 2020 were as follows (in thousands):
Year ending December 31, |  | Operating Leases |
2021 |  | $ | 1,942 |
2022 |  |  | 686 |
Total minimum lease payments |  | $ | 2,628 |
Litigation From time to time, the Company may be involved in legal proceedings arising in the ordinary course of business. The Company believes there is no threatened litigation or litigation pending that could have, individually or in the aggregate, a material adverse effect on the Company’s financial position, results of operations or cash flows.

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- 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 440 -SubTopic 10 -Section 50 -Paragraph 4 -Subparagraph (c) -URI http://asc.fasb.org/extlink&oid=121559207&loc=d3e25336-109308 Reference 4: 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=121559207&loc=d3e25336-109308 + Details
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