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Leases
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Leases

 

 


 

7. Leases

As of March 31, 2021, we had an operating lease for 73,328 square feet of laboratory and office space in San Diego, California, with a lease term that expires on December 31, 2025. We have one 5-year option to renew this lease on expiration. During the three months ended March 31, 2021, we recognized $1.0 million of operating lease expense and we paid $1.0 million for our operating lease.

Annual future minimum lease payments as of March 31, 2021 are as follows (in thousands):

 

2021

 

$

2,960

 

2022

 

 

4,058

 

2023

 

 

4,178

 

2024

 

 

4,274

 

2025

 

 

4,379

 

Thereafter

 

 

 

Total future minimum lease payments

 

$

19,849

 

Less: discount

 

 

(2,978

)

Total lease liabilities

 

$

16,871