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Lease

3 Months Ended

Mar. 31, 2022

The Company leases certain of its facilities under non-cancellable operating leases expiring at various dates through 2026.

On June 1, 2013, the Company entered into a management services agreement with MandalMed, Inc. (“MandalMed”) (the “MandalMed Services Agreement”) to have access to and use a portion of approximately 5,762 square feet of space for the use of laboratory benches, lab equipment, office space, and administrative and facilities services. The Company subsequently entered into six amendments to extend the lease term to November 2023. As part of the sixth amendment, the Company leased additional space of approximately 2,130 square feet (the “Additional Space”) for a three year period commencing on December 1, 2020 and ending on

November 30, 2023. According to the terms of the MandalMed Services Agreement, the Company paid a security deposit of less than $0.1 million and is required to pay monthly rent and common area charges.

On August 27, 2020, the Company entered into a lease agreement with 512 2nd Street LLC to lease approximately 3,500 square feet of office space in San Francisco, California (the “Office Space Lease Agreement”). The Office Space Lease Agreement is for a period of two years commencing on September 1, 2020 and ending August 31, 2022. In April 2022, the Company extended the Office Space Lease Agreement up to August 31, 2023 and has one year renewal option to extend the term up to August 31, 2024. According to the terms of the Office Space Lease Agreement, the Company paid a $0.1 million security deposit and is required to pay monthly rent and common area charges.

On December 15, 2020, the Company entered into a lease agreement with Tennieh LLC to lease approximately 9,800 square feet of office space in San Francisco, California (the “Laboratory Lease Agreement”). The Laboratory Lease Agreement is for a period of five years commencing approximately February 1, 2021 and ending January 31, 2026. According to the terms of the Laboratory Lease Agreement, the Company paid a $0.4 million security deposit and is required to pay monthly rent and common area charges.

The following table summarizes total lease expense during the three months ended March 31, 2022 (in thousands):


		Three Months Ended March 31
		2022
Straight-line operating lease expense	$	322
Short-term lease expense		60
Variable lease expense		10
Total operating lease expense	$	392

The following table summarizes supplemental cash flow information during the three months ended March 31, 2022 (in thousands):


		Three Months Ended March 31
		2022
Cash paid for amounts included measurement of lease liabilities:
Operating cash flows from operating leases	$	315

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities as of March 31, 2022 (in thousands):


Years Ended December 31,
2022 (from April 2022)	$	852
2023		973
2024		799
2025		822
2026		69
Thereafter		—
Total future minimum lease payments		3,515
Less: Interest		(474)
Total lease liabilities at present value		3,041
Lease liabilities, current		881
Lease liabilities, non-current	$	2,160

The following table summarizes lease term and discount rate as of March 31, 2022:


			Three Months Ended March 31
			2022
Weighted-average remaining lease term (years)			3.46
Weighted-average discount rate			8.65%