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Leases

12 Months Ended

Dec. 31, 2023

Leases

Leases

10.Leases

Through December 31, 2023, the Company leased approximately 47,789 square feet of office space for its corporate headquarters in Redwood City, California (the “Lease Agreement”). Prior to an amendment to the Lease Agreement entered into on October 24, 2023 (the “Sixth Amendment”), the Lease Agreement was set to expire in September 2024 and contained a one-time option to extend the lease term for five years. Under the terms of the Sixth Amendment, the Company extended the lease term through September 30, 2027 and reduced the amount of office space leased to 27,532 square feet. The remaining 20,257 square feet of office space expired on December 31, 2023, according to the terms of the Sixth Amendment.

The Company also leases approximately 25,017 square feet for its laboratory facilities in Camarillo, California which commenced in January 2020. This lease terminates in May 2027 and contains a one-time option to extend the lease term for five years. Both facility leases provide for certain limited rent abatement and annual scheduled rent increases over their respective lease terms.

The Company determined that the above facility leases were operating leases. The options to extend the lease terms, if any, for these leases were not included as part of the right-of-use asset or lease liability as it was not reasonably certain the Company would exercise those options.

In 2019, the Company entered into the Vehicle Lease Agreement, pursuant to which the Company leased approximately 50 vehicles as of December 31, 2023. The term of each leased vehicle is 36 months and commences upon the delivery of the vehicle. The vehicles leased under this arrangement were classified as finance leases. Beginning in February 2023, the Company no longer enters into these leasing arrangements and began transitioning to a reimbursement program with employees.

Supplemental information related to the Company’s leases is as follows:

​

​	​	​	​	​	​	​	​	​
(in thousands)	​	​	​	December 31,
Assets		Balance Sheet Classification		2023			2022
Operating leases	​	Other assets, non-current	​	$	5,912	​	$	5,690
Finance leases	​	Property and equipment, net	​	​	1,022	​	​	2,584
Total leased assets	​	​	​	$	6,934	​	$	8,274

​

​	​	​	​	​	​	​	​	​
(in thousands)	​	​	​	December 31,
Liabilities		Balance Sheet Classification		2023			2022
Operating lease liabilities, current	​	Accrued and other current liabilities	​	$	1,424	​	$	3,127
Operating lease liabilities, non-current	​	Lease liabilities, non-current	​	​	4,977	​	​	3,628
Total operating lease liabilities	​	​	​	$	6,401	​	$	6,755
​	​	​	​	​	​	​	​	​
Finance lease liabilities, current	​	Accrued and other current liabilities	​	$	721	​	$	1,191
Finance lease liabilities, non-current	​	Lease liabilities, non-current	​	​	351	​	​	1,418
Total finance lease liabilities	​	​	​	$	1,072	​	$	2,609

​

Other information related to lease term and discount rate is as follows:

​

​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	December 31,
​		​		2023		​	2022		​	2021
Weighted-Average Remaining Lease Term	​	​	​	​	​	​	​	​	​	​
Operating leases	​	​	​	​	3.6 years	​	2.2 years	​	​	3.2 years
Finance leases	​	​	​	​	1.4 years	​	2.2 years	​	​	1.7 years
Weighted-Average Discount Rate	​	​	​	​	​	​	​	​	​	​
Operating leases	​	​	​	​	11.8%	​	8.0%	​	​	8.0%
Finance leases	​	​	​	​	8.7%	​	8.4%	​	​	5.8%

​

The components of lease expense were as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
(in thousands)	​	​	​	2023			2022		​	2021
Finance lease cost		​		​	​	​	​	​	​	​	​
Amortization of right-of-use assets	​	​	​	$	1,069		$	1,228		$	707
Interest on lease liabilities	​	​	​	​	146	​	​	166	​	​	82
Total finance lease cost	​	​	​	​	1,215		​	1,394		​	789
Operating lease cost		​		​	2,984		​	3,154		​	3,066
Total lease cost		​		$	4,199		$	4,548		$	3,855

​

Supplemental cash flow information related to leases was as follows:

​

​	​	​	​	​	​	​	​	​	​	​	​
​	​	​	​	Year Ended December 31,
(in thousands)	​	​	​	2023			2022		​	2021
Cash paid for amounts included in measurement of lease liabilities:	​	​	​	​	​	​	​	​	​	​	​
Operating cash flows from operating leases	​	​		$	3,560		$	3,401		$	3,435
Operating cash flows from finance leases	​	​	​	$	145	​	$	155	​	$	81
Financing cash flows from finance leases	​	​	​	$	1,034	​	$	1,228	​	$	672
Right-of-use assets obtained in exchange for lease obligations:	​	​	​	​	​	​	​	​	​	​	​
Operating leases	​	​	​	$	2,653	​	$	—	​	$	434
Finance leases	​	​	​	$	—	​	$	2,694	​	$	477

​

As of December 31, 2023, the maturities of the lease liabilities were as follows:

​

​	​	​	​	​	​	​
Year ending December 31, (in thousands)	​	Operating leases		​	Finance leases
2024	​	$	2,095	​	$	781
2025	​		2,192	​		358
2026	​		2,126	​		—
2027	​		1,531	​		—
Total lease payments	​		7,944	​		1,139
Less imputed interest	​		(1,543)	​		(67)
Lease liabilities	​	$	6,401	​	$	1,072

​

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- References

No definition available.

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- Definition

The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability.

+ References

Reference 1: http://www.xbrl.org/2003/role/disclosureRef
-Topic 842
-SubTopic 20
-Name Accounting Standards Codification
-Publisher FASB
-URI https://asc.fasb.org//842-20/tableOfContent

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