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Lease | 6 Months Ended
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Jun. 30, 2022
Lessee Disclosure [Abstract] |
Lease |
5. | Lease
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. In March 2022, the Company entered into a sublease agreement for one of its leased facilities that commenced in April 2022. Under the terms of the sublease agreement, the Company will receive $0.2 million in base lease payments over the term of the sublease, which ends in April 2023. For the three and six months ended June 30, 2022, the Company recognized sublease income of $38,000. For the three and six months ended June 30, 2022, the Company’s operating lease expense was $0.6 million and $1.1 million, respectively. 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. The present value assumptions used in calculating the present value of the lease payments were as follows:
| June 30, 2022 |  |  | December 31, 2021 |
Weighted-average remaining lease term | 0.8 years |  |  | 1.3 years |
Weighted-average discount rate |  | 4.8 | % |  |  | 4.8 | %
The maturity of the Company’s operating lease liabilities as of June 30, 2022 were as follows (in thousands):
Year Ending December 31, | Amount |
Remaining in 2022 | $ | 1,029 |
2023 |  | 410 |
Total undiscounted lease payments |  | 1,439 |
Less imputed interest |  | (24 | )
Total operating lease liability | $ | 1,415 |
Supplemental cash flow information related to operating leases was as follows (in thousands):
| Six Months Ended June 30, |
| 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities | $ | 1,015 |  |  | $ | 680 |

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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 https://asc.fasb.org/subtopic&trid=77888251 + Details
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