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Leases | 3 Months Ended
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Mar. 31, 2022
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. Master Facility Lease The Company currently leases 12,300 square feet of office and lab space in San Diego that expires on February 28, 2027. The lease currently requires monthly payments of approximately $60,000 per month with 3% annual escalation. Facility Subleases As a result of corporate restructurings in previous years, the Company vacated a portion of its facility and 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:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2022 |  | 2021
Operating lease cost |  |  |  |  | $ | 191 |  |  | $ | 95 |
Operating sublease income |  |  |  |  | — |  |  | (101) |
Net operating lease cost |  |  |  |  | $ | 191 |  |  | $ | (6) |
Supplemental balance sheet information related to leases was as follows:
(in thousands) | As of March 31, 2022 |  | As of December 31, 2021
Operating lease ROU assets | $ | 2,660 |  |  | $ | 2,796 |
Current operating lease liabilities | $ | 665 |  |  | $ | 551 |
Non-current operating lease liabilities | 2,438 |  |  | 2,568 |
Total operating lease liabilities | $ | 3,103 |  |  | $ | 3,119 |
Weighted-average remaining lease term–operating leases | 4.9 years |  | 5.2 years
Weighted-average discount rate–operating leases | 7.0 | % |  | 7.0 | %
Supplemental cash flow and other information related to leases was as follows:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 70 |  |  | $ | 240 |
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 (excluding the three months ended March 31, 2022) | $ | 480 |  |  |  |  |
2023 | 737 |  |  |  |  |
2024 | 754 |  |  |  |  |
2025 | 775 |  |  |  |  |
2026 | 796 |  |  |  |  |
Thereafter | 137 |  |  |  |  |
Total future minimum lease payments | 3,679 |  |  |  |  |
Less imputed interest | (576) |  |  |  |  |
Total | $ | 3,103 |  |  |  |  |
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. Master Facility Lease The Company currently leases 12,300 square feet of office and lab space in San Diego that expires on February 28, 2027. The lease currently requires monthly payments of approximately $60,000 per month with 3% annual escalation. Facility Subleases As a result of corporate restructurings in previous years, the Company vacated a portion of its facility and 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:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2022 |  | 2021
Operating lease cost |  |  |  |  | $ | 191 |  |  | $ | 95 |
Operating sublease income |  |  |  |  | — |  |  | (101) |
Net operating lease cost |  |  |  |  | $ | 191 |  |  | $ | (6) |
Supplemental balance sheet information related to leases was as follows:
(in thousands) | As of March 31, 2022 |  | As of December 31, 2021
Operating lease ROU assets | $ | 2,660 |  |  | $ | 2,796 |
Current operating lease liabilities | $ | 665 |  |  | $ | 551 |
Non-current operating lease liabilities | 2,438 |  |  | 2,568 |
Total operating lease liabilities | $ | 3,103 |  |  | $ | 3,119 |
Weighted-average remaining lease term–operating leases | 4.9 years |  | 5.2 years
Weighted-average discount rate–operating leases | 7.0 | % |  | 7.0 | %
Supplemental cash flow and other information related to leases was as follows:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2022 |  | 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 70 |  |  | $ | 240 |
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 (excluding the three months ended March 31, 2022) | $ | 480 |  |  |  |  |
2023 | 737 |  |  |  |  |
2024 | 754 |  |  |  |  |
2025 | 775 |  |  |  |  |
2026 | 796 |  |  |  |  |
Thereafter | 137 |  |  |  |  |
Total future minimum lease payments | 3,679 |  |  |  |  |
Less imputed interest | (576) |  |  |  |  |
Total | $ | 3,103 |  |  |  |  |

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