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Leases

3 Months Ended

Mar. 31, 2021

Leases

Leases

7. Leases

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The Company leases office and laboratory space in Monrovia, CA under a lease that expires in December 2025 with an option to renew for an additional five years at then market rates. In July 2017, under a separate lease agreement, the Company entered into a lease for additional space in the same building with a lease that continues through September 2022, also with an option to renew for an additional five years. The Company assesses that it is likely to exercise both options of the lease term extensions.

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The Company leases additional office space in San Diego, CA through August 2022, with an option to extend for an additional five years. The Company assesses that it is unlikely to exercise the option to extend the lease term.

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The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants. As of March 31, 2021, the Company did not have additional operating leases that have not yet commenced.

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The following table reconciles the undiscounted cash flows for the operating leases at March 31, 2021 to the operating lease liabilities recorded on the balance sheet (in thousands):

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​	​	​	​
Years ending December 31,	​	​
For the remainder of 2021	​	$	1,773
2022	​		2,269
2023	​	​	1,415
2024	​	​	1,436
2025	​	​	1,396
2026	​	​	1,480
Thereafter	​	​	3,861
Total undiscounted lease payments	​	​	13,630
Less: Imputed interest	​	​	(2,502)
Present value of lease payments	​	$	11,128
​	​	​	​
Lease liabilities - short-term	​	$	1,934
Lease liabilities - long-term	​	​	9,194
Total lease liabilities	​	$	11,128

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The following table summarizes lease costs and cash disclosures for the three months ended March 31, 2021 and 2020 (in thousands):

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​	​	​	​	​	​	​	​
​	​	Three Months Ended					​
​	​	March 31,					​
​	​	2021			2020		​
​	​	​	​	​	​	​	​
Operating lease cost	​	$	614	​	$	648	​
Variable lease cost	​	​	10	​	​	22	​
Total lease costs	​	$	624	​	$	670	​
​	​	​	​	​	​	​	​
Cash paid for amounts included in	​	​	​	​	​	​	​
the measurement of lease liabilities	​	$	499	​	$	557	​

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As of March 31, 2021, the weighted-average remaining lease term for operating leases is 7.3 years, and the weighted-average discount rate for operating leases is 5.5%

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- References

No definition available.

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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

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