The Company has operating leases for its office and laboratory space, including its corporate headquarters.

In August 2020, the Company entered into a lease agreement for approximately 4,734 square feet of office and lab space at 2656 State Street in Carlsbad, California, for the Company’s headquarters (the Original Lease). The Original Lease commenced in May 2021, and had an original term of 60 months, with an option to extend for two additional 36 month periods.

In March 2022, the Company entered into an agreement for an additional office and laboratory space (the Expansion Lease). The Expansion Lease is expected to commence in the second half of 2023 and projected lease payments over the life of the lease are expected to be $5.5 million with a lease expiration of 120 months after the commencement of the Expansion Lease. The Original Lease was amended to have the same lease expiration as the Expansion Lease. The Company has an option to renew the Expansion Lease and the Original Lease, which has the same lessor and has been amended to have the same option to extend for two additional 36 month periods.

The Company did not include the renewal periods in determining the lease term, as the Company was not reasonably certain to exercise either the amended Original Lease or the Expansion Lease renewal options.

In connection with the Company's lease agreements, the Company paid security deposits of $0.1 million and is required to maintain a letter of credit of $1.0 million until 2027 at which time it can be reduced to $0.5 million throughout the end of the lease term.

Cash paid for amounts included in the measurement of lease liabilities was $0.1 million and $0.1 million for the three months ended March 31, 2023 and 2022, respectively.

The components of lease expense include operating, short-term, and variable lease costs. Amortization is recorded within research and development and general and administrative expenses in the statements of operations and comprehensive loss. Components of lease cost for the three months ended March 31, 2023 and 2022, respectively, were as follows (in thousands):


	Three Months Ended March 31,
	2023		2022
Operating lease cost	$	83	$	73
Short-term lease cost		22		20
Variable lease cost		14		16
Total lease cost	$	119	$	109

Maturities of lease liabilities, weighted-average remaining term and weighted-average discount rate were as follows (in thousands):


	As of March 31,
Year ending December 31,
2023 (remaining nine months)	$	225
2024		309
2025		318
2026		328
2027		337
Thereafter		2,044
Total minimum lease payments (1)		3,561
Less: amount representing interest		(973	)
Present value of lease liabilities		2,588
Less: current portion of lease liabilities		(144	)
Lease liabilities, noncurrent	$	2,444

(1) Excludes $5.5 million of legally binding minimum lease payments for leases not yet commenced


	March 31,			December 31,
	2023			2022
Weighted-average remaining lease term (years) - operating leases		10.3			10.5
Weighted-average incremental borrowing rate - operating leases		6.50	%		6.50	%