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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | Commitments and Contingencies Leases The Company leases certain office and laboratory space under a non-cancelable operating lease expiring in January 2025 for the initial leased space and for the expansion space leased pursuant to an amendment to the lease agreement entered into in August 2018. The lease is subject to charges for common area maintenance and other costs, and base rent is subject to an annual 3% increase each subsequent year. Costs determined to be variable and not based on an index or rate were not included in the measurement of the operating lease liabilities. Monthly rent expense is recognized on a straight-line basis over the term of the leases. The operating leases are included in the condensed consolidated balance sheets at the present value of the lease payments at a weighted average discount rate of 7% using the rate of interest that the Company would have to pay to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment as the leases do not provide an implicit rate. As of June 30, 2024, the weighted average remaining lease term was 0.5 years. Lease costs were comprised of the following (in thousands):
| Three months ended June 30, |  | Six months ended June 30,
| 2024 |  | 2023 |  | 2024 |  | 2023
Operating lease cost | $ | 779 |  |  | $ | 779 |  |  | $ | 1,557 |  |  | $ | 1,557 |
Short-term lease cost | 7 |  |  | 13 |  |  | 21 |  |  | 26 |
Total lease cost | $ | 786 |  |  | $ | 792 |  |  | $ | 1,578 |  |  | $ | 1,583 |
Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended June 30, 2024 and 2023 was $1.1 million and $0.8 million, respectively, and cash paid for amounts included in the measurement of operating lease liabilities for the six months ended June 30, 2024 and 2023 was $2.0 million and $1.9 million, respectively. Gross future minimum annual rental commitments as of June 30, 2024, were as follows (in thousands):
| Undiscounted Rent Payments
Year ending December 31 |
2024 (remaining 6 months) | $ | 1,712 |
2025 | 144 |
Total undiscounted rent payments | $ | 1,856 |
Present value discount | (30) |
Present value of lease payments | $ | 1,826 |
Current portion of operating lease liabilities (included as a component of accrued expenses and other current liabilities) | 1,826 |
Noncurrent operating lease liabilities | — |
Total operating lease liability | $ | 1,826 |
For each of the three months ended June 30, 2024 and 2023, the Company recorded $0.9 million in rent expense. For each of the six months ended June 30, 2024 and 2023, the Company recorded approximately $1.7 million in rent expense. Rent expense is included in research and development and general and administrative expense on the condensed consolidated statements of operations and comprehensive loss. The Company entered into a lease agreement effective July 9, 2024 for office space located at 3115 Merryfield Row, Suite 120, San Diego, CA 92121, consisting of approximately 18,421 square feet. The term of the lease is 63 months commencing on August 1, 2024. The base rent is $109,605 per month effective October 1, 2024, and it is subject to a 3% annual increase every October. The lease expires on October 31, 2029 with an option for a one-year extension and an option to terminate on December 1, 2027 with the payment of a termination fee.

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