The Company leases office space for its corporate headquarters, located in South San Francisco, CA. The lease term is through April 30, 2023 and there are no stated renewal options. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. In calculating the present value of the lease payments, the Company has elected to utilize its incremental borrowing rate based on the original lease term and not the remaining lease term. The lease includes non-lease components (e.g., common area maintenance) that are paid separately from rent based on actual costs incurred and therefore were not included in the right-of-use asset and lease liability but are reflected as an expense in the period incurred.

In April 2021, the Company entered into a license agreement (the “License Agreement”) for the use of laboratory facilities in South San Francisco, CA, for an aggregated undiscounted future payment of $1.9 million. This License Agreement has an original lease term of one year and a renewal period of six months. This license commenced during the second quarter of 2021.

For the three and six months ended June 30, 2021, the Company’s operating lease expense was $0.4 million and $0.6 million, respectively. For the three and six months ended June 30, 2020, the Company’s operating lease expense was $0.2 million and $0.4 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows:

	June 30,			December 31,
	2021			2020
Weighted-average remaining lease term	1.6 years			2.3 years
Weighted-average discount rate		4.9	%		5.7	%

The maturity of the Company’s operating lease liabilities as of June 30, 2021 were as follows (in thousands):

Year	Undiscounted lease payments
Remaining in 2021	$	1,003
2022		1,719
2023		260
Total undiscounted lease payments		2,982
Less imputed interest		(114	)
Total operating lease liability	$	2,868

Supplemental cash flow information related to operating leases was as follows (in thousands):

Six Months Ended June 30,

2021

2020

Cash paid for leases that were

included in operating cash

outflows

680

288