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Leases

9 Months Ended

Sep. 30, 2021

7. Leases

As of September 30, 2021, we had an operating lease for 73,328 square feet of laboratory and office space in San Diego, California, with a lease term expiring on December 31, 2025 and one 5-year option to renew this lease on expiration. During the three and nine months ended September 30, 2021, we recognized operating lease expense of $0.9 million and $2.9 million, respectively, and we paid $0.9 million and $2.9 million, respectively, for our operating lease.

Annual future minimum lease payments as of September 30, 2021 were as follows (in thousands):

2021	$	994
2022		4,058
2023		4,178
2024		4,274
2025		4,379
Thereafter		—
Total future minimum lease payments	$	17,883
Less: amount representing interest		(2,415	)
Total lease liabilities	$	15,468

In October 2021, we entered into a lease amendment to reduce the amount of laboratory and office space in San Diego, California by 21,180 square feet. The corresponding reduction of leased space is effective November 1, 2021. In addition, in October 2021, we entered into a sublease agreement to sublet 23,873 square feet of laboratory and office space in San Diego, California, which is anticipated to be delivered to the subtenant on or before May 1, 2022. The sublease agreement expires on December 31, 2025 and is coterminous with the operating lease for the subleased space. As a result of the lease amendment and sublease agreement, our one 5-year option to renew the lease on expiration applies only with respect to our remaining 28,275 square feet of laboratory and office space in San Diego, California.