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Lease Liabilities

12 Months Ended

Dec. 31, 2022

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