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Lease Liabilities | 12 Months Ended
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Dec. 31, 2022
Lease Liabilities |
Lease Liabilities | Note 10—Lease Liabilities We have operating leases related to our office and laboratory space. The initial term of the leases is through November 2027 and we have two options to extend the lease term, each by five years. We have finance leases for certain laboratory and office equipment that have lease terms expiring through June 2026. In January 14, 2022, we entered into an agreement with our landlord to early terminate a portion of our office and lab premises, which reduced the right of use asset by $4.7 million and related liability by $5.2 million. We recorded a non-cash gain of $0.5 million on early termination of this portion of our lease. Lease-related assets and liabilities recorded on our consolidated balance sheet are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | December 31, | ​ | December 31, | ​
​ | 2022 |  | 2021 | ​
​ | (In thousands) | ​
Assets | ​ | ​ | ​ | ​ | ​ | ​
Operating lease assets | $ | 21,762 |  | $ | 28,276 | ​
Finance lease assets, net |  | 945 | ​ |  | 1,009 | ​
Total lease assets | $ | 22,707 |  | $ | 29,285 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Liabilities | ​ | ​ | ​ | ​ | ​ | ​
Current: | ​ | ​ | ​ | ​ | ​ | ​
Operating leases | $ | 3,888 |  | $ | 4,607 | ​
Finance leases |  | 422 | ​ |  | 648 | ​
Non-current: | ​ | ​ | ​ | ​ | ​ | ​
Operating leases |  | 21,971 | ​ |  | 28,811 | ​
Finance leases |  | 455 | ​ |  | 315 | ​
Total lease liabilities | $ | 26,736 |  | $ | 34,381 | ​
​ | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average remaining lease term | ​ | ​ | ​ | ​ | ​ | ​
Operating leases |  | 4.8 years | ​ |  | 5.9 years | ​
Finance leases |  | 2.3 years | ​ |  | 1.7 years | ​
Weighted-average discount rate | ​ | ​ | ​ | ​ | ​ | ​
Operating leases |  | 12.81 | % |  | 12.81 | %
Finance leases |  | 10.44 | % |  | 12.70 | %
​ The components of total lease costs are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended
​ | ​ | December 31,
​ | ​ | 2022 |  | 2021
​ | ​ | (In thousands)
Lease cost | ​ | ​ |  |  | ​ |
Operating lease cost | ​ | $ | 6,152 | ​ | $ | 7,364
Finance lease cost: | ​ |  | ​ | ​ |  |
Amortization | ​ |  | 812 | ​ |  | 1,102
Interest | ​ |  | 174 | ​ |  | 181
Variable lease cost | ​ |  | 3,191 | ​ |  | 3,519
Sublease income | ​ |  | (1,755) | ​ |  | (1,776)
Net lease cost | ​ | $ | 8,574 | ​ | $ | 10,390
​ The supplemental cash flow information related to leases is as follows: ​
​ | ​ | ​ | ​ | ​ | ​
​ | Year Ended
​ | December 31,
​ | 2022 |  | 2021
​ | (In thousands)
Cash paid for amounts included in the measurement of lease liabilities | ​ | ​ | ​ | ​ | ​
Cash payments for operating leases | $ | 7,072 | ​ | $ | 7,483
Cash payments for financing leases | $ | 790 |  | $ | 939
​ The future maturities of our lease liabilities as of December 31, 2022 are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Operating | ​ | Finance | ​ | ​ | ​
​ |  | Leases |  | Leases | ​ | ​ | Total
​ | ​ | (In thousands)
2023 | ​ | $ | 8,312 | ​ | $ | 495 | ​ | $ | 8,807
2024 | ​ |  | 7,031 | ​ |  | 321 | ​ | ​ | 7,352
2025 | ​ |  | 7,088 | ​ |  | 150 | ​ | ​ | 7,238
2026 | ​ |  | 6,870 | ​ |  | 60 | ​ | ​ | 6,930
2027 | ​ |  | 5,837 | ​ |  | — | ​ | ​ | 5,837
Total undiscounted lease payments | ​ | ​ | 35,138 | ​ | ​ | 1,026 | ​ | ​ | 36,164
Less interest | ​ | ​ | (9,279) | ​ | ​ | (149) | ​ | ​ | (9,428)
Total lease liabilities | ​ | $ | 25,859 | ​ | $ | 877 | ​ | $ | 26,736
​

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- References No definition available. + Details
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