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Facility Lease | 9 Months Ended
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Sep. 30, 2023
Facility Lease |
Facility lease | 12. Facility Lease ​ In January 2015, the Company signed an initial operating lease, effective February 1, 2015 for 8,138 square feet of office and laboratory space with a one year term. Between January 2015 and September 2021, the Company entered into a series of lease amendments to increase the amount of leased space to 27,280 square feet and extend the expiration of the lease to February 2025. The lease agreement includes annual rent escalations. Under the lease and subsequent amendments, the landlord provided approximately $1.9 million in free rent and lease incentives. The Company records rent expense on a straight-line basis over the effective term of the lease, including any free rent periods and incentives. As the interest rate implicit in lease arrangements is typically not readily available, in calculating the present value of the lease payments, the Company has utilized its incremental borrowing rate, which was determined based on the prevailing market rates for collateralized debt with maturity dates commensurate with the term of its lease. The Company’s facility lease is a net lease, as the non-lease components (i.e. common area maintenance) are paid separately from rent based on actual costs incurred. Therefore, the non-lease components were not included in the right-of-use asset and liability and are reflected as an expense in the period incurred. ​ As of September 30, 2023 and December 31, 2022, the right-of-use asset under operating lease was $1.4 million and $2.2 million, respectively. The elements of lease expense for the three and nine months ended September 30, 2023 and 2022 were as follows (in thousands): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | ​ | ​ | Three Months Ended | ​ | Nine Months Ended
​ |  | Statements of operations and |  | September 30, | ​ | September 30,
​ | ​ | comprehensive loss location | ​ | 2023 |  | 2022 |  | 2023 |  | 2022
Costs of operating lease | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease costs | ​ | Research and development, General and administrative | ​ | $ | 306 | ​ | $ | 306 | ​ | $ | 918 | ​ | $ | 746
Costs of non-lease components (previously common area maintenance) | ​ | Research and development, General and administrative | ​ | ​ | 112 | ​ | ​ | 108 | ​ | ​ | 308 | ​ | ​ | 241
Total operating lease cost | ​ | ​ | ​ | $ | 418 | ​ | $ | 414 | ​ | $ | 1,226 | ​ | $ | 987
Other Information | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flows used for operating lease | ​ | ​ | ​ | $ | 459 | ​ | $ | 433 | ​ | $ | 1,378 | ​ | $ | 1,265
Remaining lease term | ​ | ​ | ​ |  | 1.3 years | ​ |  | 2.3 years | ​ |  | 1.3 years | ​ |  | 2.3 years
Discount rate | ​ | ​ | ​ |  | 8.0% | ​ |  | 8.0% | ​ |  | 8.0% | ​ |  | 8.0%
​ As of September 30, 2023, minimum rental commitments under this lease were as follows (in thousands): ​
​ | ​ | ​ | ​
Year Ended December 31 (in thousands) |  | ​ | ​
2023* | ​ | $ | 348
2024 | ​ | ​ | 1,434
Total lease payments |  | ​ | 1,782
Less: imputed interest | ​ | ​ | (92)
Total |  | $ | 1,690
* Remainder of the year ​ As of December 31, 2022, minimum rental commitments under this lease were as follows (in thousands): ​
​ | ​ | ​ | ​
Year Ended December 31 (in thousands) |  | ​ | ​
2023 | ​ | $ | 1,391
2024 | ​ |  | 1,434
Total lease payments |  | ​ | 2,825
Less: imputed interest | ​ | ​ | (224)
Total |  | $ | 2,601
​ ​ ​ In August 2021, the Company entered into an agreement to sublease 7,585 square feet of its office and laboratory space in Burlingame, California to Angel Pharmaceuticals. Pursuant to the sublease, rent is due monthly and is subject to scheduled annual increases and Angel Pharmaceuticals is responsible for certain operating expenses and taxes throughout the life of the sublease. The sublease expired in January 2023. Sublease income is recognized on a straight-line basis as other income in our consolidated statements of operations. For the three and nine months ended September 30, 2023, the Company recognized $0.0 million and $0.1 million of sublease income, respectively.

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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