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Leases
 6 Months Ended
Jun. 30, 2023
Leases [Abstract]  
Leases Leases
The Company leases office and laboratory space in Monrovia, California under a lease that expires in December 2025 with an option to renew for an additional five years at then market rates. The Company has assessed that it is unlikely to exercise the option to extend the lease term. For the three and six months ended June 30, 2023, there were no ROU assets obtained in exchange for new operating lease liabilities.
In June 2021, the Company entered into an Agreement of Lease (Lease Agreement) for laboratory and office space in Pasadena, California, which will expire in July 2035. The Lease Agreement provides for two separate phases of lease and occupancy. The first phase commenced on August 1, 2022 and provides the Company with an improvement allowance up to $17.0 million. The second phase of the lease agreement will commence no later than September 30, 2026 and includes an additional improvement allowance up to $3.3 million. In August 2022, the Company entered into an amendment, which the Company would receive an additional $5.0 million in tenant improvement allowance in exchange for an increase in the rental rate of the phase 1 space. The Company received delivery of the second phase premises on December 1, 2022. The Company placed the new facility into service in February 2023. For the three and six months ended June 30, 2023, there were no ROU assets obtained in exchange for new operating lease liabilities.
The Company leases additional office space in San Diego, California through December 2023. For the three and six months ended June 30, 2023, there were no ROU assets obtained in exchange for new operating lease liabilities.
The Company’s lease agreements do not contain any residual value guarantees or restrictive covenants.
The following table reconciles the undiscounted cash flows for the operating leases at June 30, 2023 to the operating lease liabilities recorded on the balance sheet (in thousands):
Years ending December 31,
For the remainder of 2023$3,021 
20246,072 
20257,392 
20268,589 
20278,829 
20289,076 
Thereafter66,435 
Total undiscounted lease payments109,414 
Less: Tenant allowance(5,459)
Less: Imputed interest(45,112)
Present value of lease payments$58,843 
Lease liabilities - short-term$4,228 
Lease liabilities - long-term54,615 
Total lease liabilities$58,843 
The following table summarizes lease costs and cash payments for the three and six months ended June 30, 2023 and 2022 (in thousands):
Three Months Ended
June 30,		Six Months Ended
June 30,
2023202220232022
Operating lease cost$2,020 $1,574 $4,200 $3,136 
Variable lease cost219 33 453 132 
Total lease costs$2,239 $1,607 $4,653 $3,268 
Cash paid for amounts included in the measurement of lease liabilities$721 $665 $1,445 $1,349 
As of June 30, 2023, the weighted-average remaining lease term for operating leases is 11.7 years, and the weighted-average discount rate for operating leases is 8.9%. As of June 30, 2022, the weighted-average remaining lease term for operating leases is 12.0 years, and the weighted-average discount rate for operating leases is 6.0%.