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Leases | 12 Months Ended
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Dec. 31, 2021
Lessee Disclosure [Abstract] |
Leases |
9. | Leases
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. 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. On July 17, 2020, the Company entered into an amendment to its existing lease agreement to lease additional office space for an aggregated undiscounted future monthly payment of $0.5 million. The amendment was treated as a separate lease with a lease term of 2.6 years and commenced during the fourth quarter of 2020. 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. In October 2021, the Company amended the License Agreement to extend the lease term for a period of one year. The amendment was not accounted for as a separate lease, and resulted in an adjustment to the right-of-use asset and lease liability of $0.6 million. The amended lease will expire at the end of April 2023. For the years ended December 31, 2021 and 2020, the Company’s operating lease expense was $1.7 million and $0.7 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows:
|  | December 31, |
|  | 2021 |  |  | 2020 |
Weighted-average remaining lease term |  | 1.3 years |  |  | 2.3 years |
Weighted-average discount rate |  |  | 4.8 | % |  |  | 5.7 | %
The maturity of the Company’s operating lease liabilities as of December 31, 2021 were as follows (in thousands):
Year Ending December 31, |  | Amount |
2022 |  | $ | 2,044 |
2023 |  |  | 410 |
Total undiscounted lease payments |  |  | 2,454 |
Less: imputed interest |  |  | (69 | )
Total operating lease liability |  | $ | 2,385 |
Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. The Company did not incur significant variable lease costs for the years ended December 31, 2021 and 2020. Supplemental cash flow information related to operating leases was as follows (in thousands):
|  | Year Ended December 31, |
|  | 2021 |  |  | 2020 |
Cash paid for amounts included in the measurement of lease liabilities |  | $ | 1,641 |  |  | $ | 602 |
Prepaid cash payment for lease |  |  | 208 |  |  |  | — |
Cash paid for operating leases that were included in operating cash outflows |  | $ | 1,849 |  |  | $ | 602 |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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