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OPERATING LEASES | 12 Months Ended
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Dec. 31, 2023
Leases [Abstract] |
OPERATING LEASES | 7. OPERATING LEASES New Jersey Office Space Lease In April 2019, we entered into an operating lease agreement for office space located at 3 Sylvan Way, Parsippany, New Jersey, or the New Jersey Lease. The initial term of the New Jersey Lease is 11 years with an option to extend for an additional five years and a one-time option to terminate the New Jersey Lease without cause as of the 103 rd month anniversary of the commencement date of the lease. The New Jersey Lease commenced on October 1, 2019, upon our control of the office space on that date. Based on the initial term of the New Jersey Lease of 11 years, the right-of-use asset and corresponding operating lease liability was approxima tely $2,356,000, w hich represented the present value of lease pay ments over the initial lease term, net of a seven-month rent abatement period, using an incremental borrowing rate of 8% based o n information available as of October 1, 2019. Under the New Jersey Lease, we are also obligated to pay certain variable expenses separately from the base rent, including electricity and common area maintenance. Such costs are being expensed in the period they are incurred. As of December 31, 2023, the remaining lease term for the New Jersey Lease is 6.8 ye ars. Foster City Office Space Lease In October 2019, we entered into an operating lease agreement for office space located at 919 East Hillsdale Boulevard, Foster City, California, or the Foster City Lease. The initial term of the Foster City Lease is 87 months with an option to extend for an additional five years. The Foster City Lease commenced on March 10, 2020, upon the substantial completion of all tenant improvements. As of the l ease commencement date, the right-of-use asset and corresponding operating lease liability was approximately $1,868,000, wh ich represented the present value of remaining lease payments using an incremental borro wing rate of 7% over the initial lease term of 87 months, net of a three-month rent abatement period. Under the Foster City Lease, we are also obligated to pay certain variable expenses separately from the base rent, including taxes and common area maintenance. Such costs are considered non-lease components and have been excluded from the calculation of the right-of-use asset and corresponding operating lease liability and are being expensed in the period they are incurred. As of December 31, 2023, the remaining lease term for the Foster City Lease is 3.5 years. The components of lease costs included in operating expenses on our consolidated statements of operations for the New Jersey Lease, the Foster City Lease and a lease from a former location in Menlo Park, California, were as follows:
|  | Year Ended December 31, |
(In thousands) |  | 2023 |  |  | 2022 |  |  | 2021 |
Operating lease costs | $ | 962 |  |  | $ | 944 |  |  | $ | 946 |
Variable lease costs (1) |  | 344 |  |  |  | 310 |  |  |  | 252 |
Total lease costs | $ | 1,306 |  |  | $ | 1,254 |  |  | $ | 1,198 |
(1) Variable lease costs represent non-lease components, such as common area maintenance charges. The undiscounted future non-cancellable lease payments under the New Jersey Lease and the Foster City Lease as of December 31, 2023 were as follows (in thousands):
2024 |  | $ | 987 |
2025 |  |  | 1,014 |
2026 |  |  | 1,040 |
2027 |  |  | 716 |
2028 |  |  | 376 |
Thereafter |  |  | 675 |
Total lease payments |  | 4,808 |
Less: imputed interest |  | (853 | )
Total |  | $ | 3,955 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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