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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | 7. Leases The Company leases certain office space, laboratory facilities, and equipment. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease for an additional three to five years. These optional periods have not been considered in the determination of the right-of-use assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options. The Company performed evaluations of its contracts and determined it has both operating and finance leases. Variable lease expense for these leases primarily consists of common area maintenance and other operating costs. In April 2019, the Company entered into a lease agreement (the “Las Cimas Lease”) for its corporate headquarters and laboratory space located in Austin, Texas. The Las Cimas Lease includes approximately 30,000 square feet and commenced on April 30, 2019, with an expiration on April 30, 2028. The Company posted a customary letter of credit in the amount of $1.5 million as security, which is subject to automatic reductions per the terms of the Las Cimas Lease. A tenant allowance of up to $1.0 million was provided by the lessor and fully reimbursed to the Company. The following table summarizes the Company’s recognition of its operating and finance leases (in thousands):
|  |  |  | December 31, |
|  | Classification |  | 2022 |  |  | 2021 |
Assets |  |  |  |  |  |  |  |  |  |
Operating |  | Operating lease right-of-use assets |  | $ | 3,430 |  |  | $ | 3,806 |
Finan ce |  | Other non-current assets |  |  | 597 |  |  |  | 798 |
Total leased assets |  |  | 4,027 |  |  |  | 4,604 |
Leases |  |  |  |  |  |  |  |  |  |
Current |  |  |  |  |  |  |  |  |  |
Operating |  | Operating lease liabilities |  |  | 625 |  |  |  | 436 |
Fin ance |  | Accrued and other current liabilities |  |  | 16 |  |  |  | 418 |
Non-current |  |  |  |  |  |  |  |  |  |
Operating |  | Non-current operating lease liabilities |  |  | 4,004 |  |  |  | 4,608 |
Finance |  | Other non-current liabilities |  |  | — |  |  |  | 16 |
Total lease liabilities |  | $ | 4,645 |  |  | $ | 5,478 |
The following table summarizes the weighted-average remaining lease term and discount rates for the Company’s operating and finance leases:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Lease term (years) |  |  |  |  |  |  |  |
Operating leases |  |  | 5.3 |  |  |  | 6.3 |
Finance leases |  |  | 0.6 |  |  |  | 0.5 |
Discount rate |  |  |  |  |  |  |  |
Operating leases |  |  | 10.6 | % |  |  | 10.7 | %
Finance leases |  |  | 10.2 | % |  |  | 6.7 | %
The following table summarizes the lease costs pertaining to the Company’s operating leases (in thousands):
|  | Year Ended December 31, |
|  | 2022 |  |  | 2021 |  |  | 2020 |
Operating lease cost |  | $ | 910 |  |  | $ | 991 |  |  | $ | 1,258 |
Variable lease cost |  |  | 472 |  |  |  | 519 |  |  |  | 665 |
Total lease cost |  | $ | 1,382 |  |  | $ | 1,510 |  |  | $ | 1,923 |
Cash paid for amounts included in the measurement of operating lease liabilities during the years ended December 31, 2022 and 2021 was $0.9 million and $1.1 million, respectively, and was included within net cash used in operating activities in the cash flows. The maturities of the Company’s operating and finance lease liabilities as of December 31, 2022 were as follows (in thousands):
|  | Operating Leases |  |  | Finance Leases |
2023 |  | $ | 1,078 |  |  | $ | 16 |
2024 |  |  | 1,103 |  |  |  | — |
2025 |  |  | 1,129 |  |  |  | — |
2026 |  |  | 1,163 |  |  |  | — |
2027 |  |  | 1,198 |  |  |  | — |
Thereafter |  |  | 403 |  |  |  | — |
Total lease payments |  |  | 6,074 |  |  |  | 16 |
Less: |  |  |  |  |  |  |  |
Imputed interest |  |  | (1,445 | ) |  |  | — |
Total |  | $ | 4,629 |  |  | $ | 16 |

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- References No definition available. + Details
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