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Leases

6 Months Ended

Jun. 30, 2020

7. Leases

In December 2019, we amended our existing operating lease for laboratory and office space in San Diego, California to expand the office space by an additional 21,180 square feet (“Lease Amendment”). The Lease Amendment commenced on January 1, 2020 and expires on December 31, 2025. We have an option to extend the lease for an additional 5 years on expiration.

As of June 30, 2020, our operating lease for laboratory and office space in San Diego, California had a remaining lease term of 66 months.

On January 1, 2019, on the adoption of Topic 842, we recognized initial ROU lease assets of $13.7 million and initial lease liabilities of $14.5 million. The option to extend our operating lease in San Diego was not recognized as part of our lease liability and ROU lease assets. During the three and six months ended June 30, 2020, we recognized $1.0 million and $2.0 million, respectively, of operating lease expense and we paid $1.0 million and $1.7 million, respectively, for our operating leases.

Future minimum lease payments under our operating leases as of June 30, 2020 are as follows (in thousands):

2020	$	1,922
2021		3,942
2022		4,058
2023		4,178
2024		4,274
Thereafter		4,379
Total future minimum lease payments	$	22,753
Less: discount		(3,911	)
Total lease liabilities	$	18,842