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Leases | 12 Months Ended
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Dec. 31, 2021
Leases [Abstract] |
Leases | Leases As a lessee, the Company’s current leases include its master facility lease and immaterial equipment leases, all of which are considered operating leases. The Company (as a sublessor) also subleases portions of its facility to third parties under three separate subleases. All of these subleases have been determined to be operating leases and are accounted for separately from the head lease. Master Facility Lease The Company currently occupies 9,500 square feet of office and lab space in San Diego. During July 2021, the Company entered into an amended lease agreement to increase its occupied space to 12,300 square feet which commences on January 1, 2022 and expires on February 28, 2027. Under the current master facility lease, which expired on December 31, 2021, the Company leases 26,100 square feet of office and lab space. This includes 16,600 square feet of space that is subleased to third parties, all of which expired on December 31, 2021. The minimum monthly rent under the amended lease is $55,000 with an annual rent escalation of 3% per year beginning on January 1, 2022. Through December 31, 2021 rent payments were approximately $80,000 per month. Facility Subleases As a result of corporate restructurings in previous years, the Company vacated a portion of its facility and has subleased the space to third parties under three separate sublease agreements, which all expired on December 31, 2021. Prior to the expiration of the sublease agreements, the Company as a sublessor was leasing approximately 16,600 square feet of space to third parties. The components of lease expense were as follows:
(in thousands) |  |  |  | Twelve Months Ended December 31, 2021 |  | Twelve Months Ended December 31, 2020
Operating lease cost |  |  |  | $ | 745 |  |  | $ | 441 |
Operating sublease income |  |  |  | (403) |  |  | (291) |
Net operating lease cost |  |  |  | $ | 342 |  |  | $ | 150 |
Supplemental balance sheet information related to leases was as follows:
(in thousands) | As of December 31, 2021 |  | As of December 31, 2020
Operating lease ROU assets | $ | 2,796 |  |  | $ | 343 |
Current operating lease liabilities | $ | 551 |  |  | $ | 860 |
Non-current operating lease liabilities | 2,568 |  |  | 9 |
Total operating lease liabilities | $ | 3,119 |  |  | $ | 869 |
Weighted-average remaining lease term–operating leases | 5.2 years |  | 1.0 year
Weighted-average discount rate–operating leases | 7 | % |  | 6.5 | %
Supplemental cash flow and other information related to leases was as follows:
(in thousands) | Twelve Months Ended December 31, 2021 |  | Twelve Months Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 949 |  |  | $ | 944 |
ROU assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 3,061 |  |  | $ | — |
Total remaining annual commitments under non-cancelable lease agreements for each of the years ended December 31 are as follows:
(in thousands) |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  |  |  |
2022 |  | 551 |  |  |  |  |
2023 |  | 737 |  |  |  |  |
2024 |  | 754 |  |  |  |  |
2025 |  | 775 |  |  |  |  |
2026 |  | 796 |  |  |  |  |
Thereafter |  | 136 |  |  |  |  |
Total future minimum lease payments |  | $ | 3,749 |  |  |  |  |
Less imputed interest |  | (630) |  |  |  |  |
Total |  | $ | 3,119 |  |  |  |  |
Leases | Leases As a lessee, the Company’s current leases include its master facility lease and immaterial equipment leases, all of which are considered operating leases. The Company (as a sublessor) also subleases portions of its facility to third parties under three separate subleases. All of these subleases have been determined to be operating leases and are accounted for separately from the head lease. Master Facility Lease The Company currently occupies 9,500 square feet of office and lab space in San Diego. During July 2021, the Company entered into an amended lease agreement to increase its occupied space to 12,300 square feet which commences on January 1, 2022 and expires on February 28, 2027. Under the current master facility lease, which expired on December 31, 2021, the Company leases 26,100 square feet of office and lab space. This includes 16,600 square feet of space that is subleased to third parties, all of which expired on December 31, 2021. The minimum monthly rent under the amended lease is $55,000 with an annual rent escalation of 3% per year beginning on January 1, 2022. Through December 31, 2021 rent payments were approximately $80,000 per month. Facility Subleases As a result of corporate restructurings in previous years, the Company vacated a portion of its facility and has subleased the space to third parties under three separate sublease agreements, which all expired on December 31, 2021. Prior to the expiration of the sublease agreements, the Company as a sublessor was leasing approximately 16,600 square feet of space to third parties. The components of lease expense were as follows:
(in thousands) |  |  |  | Twelve Months Ended December 31, 2021 |  | Twelve Months Ended December 31, 2020
Operating lease cost |  |  |  | $ | 745 |  |  | $ | 441 |
Operating sublease income |  |  |  | (403) |  |  | (291) |
Net operating lease cost |  |  |  | $ | 342 |  |  | $ | 150 |
Supplemental balance sheet information related to leases was as follows:
(in thousands) | As of December 31, 2021 |  | As of December 31, 2020
Operating lease ROU assets | $ | 2,796 |  |  | $ | 343 |
Current operating lease liabilities | $ | 551 |  |  | $ | 860 |
Non-current operating lease liabilities | 2,568 |  |  | 9 |
Total operating lease liabilities | $ | 3,119 |  |  | $ | 869 |
Weighted-average remaining lease term–operating leases | 5.2 years |  | 1.0 year
Weighted-average discount rate–operating leases | 7 | % |  | 6.5 | %
Supplemental cash flow and other information related to leases was as follows:
(in thousands) | Twelve Months Ended December 31, 2021 |  | Twelve Months Ended December 31, 2020
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Operating cash flows from operating leases | $ | 949 |  |  | $ | 944 |
ROU assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | 3,061 |  |  | $ | — |
Total remaining annual commitments under non-cancelable lease agreements for each of the years ended December 31 are as follows:
(in thousands) |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  |  |  |
2022 |  | 551 |  |  |  |  |
2023 |  | 737 |  |  |  |  |
2024 |  | 754 |  |  |  |  |
2025 |  | 775 |  |  |  |  |
2026 |  | 796 |  |  |  |  |
Thereafter |  | 136 |  |  |  |  |
Total future minimum lease payments |  | $ | 3,749 |  |  |  |  |
Less imputed interest |  | (630) |  |  |  |  |
Total |  | $ | 3,119 |  |  |  |  |

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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 -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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- Definition The entire disclosure for lessor's operating leases. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 30 -URI http://asc.fasb.org/subtopic&trid=77888252 + Details
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