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 Agreement commenced during the second quarter of 2021.

For the three and nine months ended September 30, 2021, the Company’s operating lease expense was $0.5 million and $1.1 million, respectively. For the three and nine months ended September 30, 2020, the Company’s operating lease expense was $0.2 million and $0.6 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows:

	September 30,			December 31,
	2021			2020
Weighted-average remaining lease term	1.3 years			2.3 years
Weighted-average discount rate		4.9	%		5.7	%

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

Year Ending December 31,	Amount
Remaining in 2021	$	498
2022		1,719
2023		259
Total undiscounted lease payments		2,476
Less imputed interest		(82	)
Total operating lease liability	$	2,394

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

	Nine Months Ended September 30,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities	$	977	$	433
Prepaid cash payment for lease liabilities		208		—
Cash paid for operating leases that were included in operating cash outflows	$	1,185	$	433