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Leases

12 Months Ended

Dec. 31, 2021

Leases [Abstract]

Leases

6. Leases

The Company leases office and laboratory space in Seattle, Washington. The components of lease expense and related cash flows were as follows (in thousands):

		Years Ended December 31,
		2021				2020
Lease expense
Operating lease expense		$	1,452			$	1,388
Variable lease expense			459				386
Total lease expense			1,911				1,774
Operating cash outflows from operating leases		$	1,841			$	1,591

On July 1, 2021, the Company entered into a sublease agreement for additional office space in Seattle, Washington. The commencement date of the sublease was August 1, 2021. The contractual term of the sublease is two years with an option to extend for one additional year and an option to terminate after one year subject to a termination fee. The annual minimum rent payable by the Company under the sublease is $0.3 million annually. The ROU asset obtained in exchange for the new operating lease liability was $0.6 million as of the lease commencement date.

The weighted-average remaining term on the Company's leases was 4.7 years and 1.8 years as of December 31, 2021 and 2020, respectively. To compute the present value of the lease liabilities, the Company used weighted average discount rates of 7.5% and 8.5% as of December 31, 2021 and 2020, respectively.

During the year ended December 31, 2021, there was a change in the expected lease term of the Company’s Seattle, Washington headquarters, whereby the Company became reasonably certain that it will not exercise its option to terminate the lease. As a result, the ROU asset and lease liability were remeasured using the present value of the remaining lease payments. The re-measurement resulted in an addition to the ROU asset and lease liability of $3.1 million. The change in the expected lease term has no effect on the classification of the lease.

Future minimum commitments due under the operating lease agreements as of December 31, 2021 are as follows (in thousands):

Years Ended December 31,		Amount
2022			1,481
2023			1,513
2024			1,348
2025			1,389
Thereafter			1,186
Total undiscounted lease payments			6,917
Present value adjustment			(1,070	)
Total present value of lease payments		$	5,847

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- Definition

The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing.

+ References

Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef
-Publisher FASB
-Name Accounting Standards Codification
-Topic 840
-URI http://asc.fasb.org/topic&trid=2208923

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