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Leases

6 Months Ended

Jun. 30, 2023

7. Leases

As of June 30, 2023, we had an operating lease for 52,148 square feet of laboratory and office space in San Diego, California, with a lease term that expires on December 31, 2025. In October 2021, we entered into a sublease agreement to sublet 23,873 square feet of laboratory and office space. The space was delivered to the subtenant in March 2022. As a result of the sublease agreement, our one 5-year option to renew this lease on expiration applies only with respect to our remaining 28,275 square feet of laboratory and office space. During the three and six months ended June 30, 2023, we recognized $0.7 million and $1.4 million, respectively, of operating lease expense and we paid $1.0 million and $1.7 million, respectively, for our operating lease. During the three and six months ended June 30, 2022, we recognized $0.7 million and $1.4 million, respectively, of operating lease expense and we paid $0.7 million and $1.4 million, respectively, for our operating lease.

Annual future minimum lease payments as of June 30, 2023 are as follows (in thousands):


2023	$	1,247
2024		3,030
2025		3,097
2026		—
Total future minimum lease payments	$	7,374
Less: discount		(636	)
Total lease liabilities	$	6,738