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Leases | 12 Months Ended
--- | ---
Dec. 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 During July 2021, the Company entered into an amended lease agreement to increase its occupied space, which commenced on January 1, 2022 and expires on February 28, 2027. Under the Company's prior master facility lease which expired on December 31, 2021, the Company was leasing additional suites in which it was not occupying and subleasing to third parties. The amended lease agreement retained the space that the Company was occupying, and a portion of office and lab space that was previously subleased to a third party. The remaining additional suites subleased to third parties were not included in the Company's amended sublease. The Company currently leases office and lab space in San Diego which expires on February 28, 2027. The lease currently required payments of approximately $61,000 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 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 its vacated space to third parties. The components of lease expense were as follows:
(in thousands) |  |  |  | Twelve Months Ended December 31, 2022 |  | Twelve Months Ended December 31, 2021
Operating lease cost |  |  |  | $ | 754 |  |  | $ | 745 |
Operating sublease income |  |  |  | — |  |  | (403) |
Net operating lease cost |  |  |  | $ | 754 |  |  | $ | 342 |
Supplemental balance sheet information related to leases was as follows:
(in thousands) | As of December 31, 2022 |  | As of December 31, 2021
Operating lease ROU assets | $ | 2,251 |  |  | $ | 2,796 |
Current operating lease liabilities | $ | 675 |  |  | $ | 551 |
Non-current operating lease liabilities | 2,040 |  |  | 2,568 |
Total operating lease liabilities | $ | 2,715 |  |  | $ | 3,119 |
Weighted-average remaining lease term–operating leases | 4.2 years |  | 5.2 years
Weighted-average discount rate–operating leases | 7 | % |  | 7 | %
Supplemental cash flow and other information related to leases was as follows:
(in thousands) | Twelve Months Ended December 31, 2022 |  | Twelve Months Ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Cash paid included in operating cash flows | $ | 612 |  |  | $ | 949 |
ROU assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | — |  |  | $ | 3,061 |
Total remaining annual commitments under non-cancelable operating lease agreements as of December 31, 2022, are summarized are as follows:
(in thousands) |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  |  |  |
2023 |  | $ | 676 |  |  |  |  |
2024 |  | 754 |  |  |  |  |
2025 |  | 775 |  |  |  |  |
2026 |  | 796 |  |  |  |  |
Thereafter |  | 136 |  |  |  |  |
Total future minimum lease payments |  | $ | 3,137 |  |  |  |  |
Less imputed interest |  | (422) |  |  |  |  |
Total |  | $ | 2,715 |  |  |  |  |
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 During July 2021, the Company entered into an amended lease agreement to increase its occupied space, which commenced on January 1, 2022 and expires on February 28, 2027. Under the Company's prior master facility lease which expired on December 31, 2021, the Company was leasing additional suites in which it was not occupying and subleasing to third parties. The amended lease agreement retained the space that the Company was occupying, and a portion of office and lab space that was previously subleased to a third party. The remaining additional suites subleased to third parties were not included in the Company's amended sublease. The Company currently leases office and lab space in San Diego which expires on February 28, 2027. The lease currently required payments of approximately $61,000 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 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 its vacated space to third parties. The components of lease expense were as follows:
(in thousands) |  |  |  | Twelve Months Ended December 31, 2022 |  | Twelve Months Ended December 31, 2021
Operating lease cost |  |  |  | $ | 754 |  |  | $ | 745 |
Operating sublease income |  |  |  | — |  |  | (403) |
Net operating lease cost |  |  |  | $ | 754 |  |  | $ | 342 |
Supplemental balance sheet information related to leases was as follows:
(in thousands) | As of December 31, 2022 |  | As of December 31, 2021
Operating lease ROU assets | $ | 2,251 |  |  | $ | 2,796 |
Current operating lease liabilities | $ | 675 |  |  | $ | 551 |
Non-current operating lease liabilities | 2,040 |  |  | 2,568 |
Total operating lease liabilities | $ | 2,715 |  |  | $ | 3,119 |
Weighted-average remaining lease term–operating leases | 4.2 years |  | 5.2 years
Weighted-average discount rate–operating leases | 7 | % |  | 7 | %
Supplemental cash flow and other information related to leases was as follows:
(in thousands) | Twelve Months Ended December 31, 2022 |  | Twelve Months Ended December 31, 2021
Cash paid for amounts included in the measurement of lease liabilities: |  |  |
Cash paid included in operating cash flows | $ | 612 |  |  | $ | 949 |
ROU assets obtained in exchange for lease obligations: |  |  |
Operating leases | $ | — |  |  | $ | 3,061 |
Total remaining annual commitments under non-cancelable operating lease agreements as of December 31, 2022, are summarized are as follows:
(in thousands) |  |  |  |  |  |
Year Ending December 31, |  | Operating Leases |  |  |  |
2023 |  | $ | 676 |  |  |  |  |
2024 |  | 754 |  |  |  |  |
2025 |  | 775 |  |  |  |  |
2026 |  | 796 |  |  |  |  |
Thereafter |  | 136 |  |  |  |  |
Total future minimum lease payments |  | $ | 3,137 |  |  |  |  |
Less imputed interest |  | (422) |  |  |  |  |
Total |  | $ | 2,715 |  |  |  |  |

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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 https://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 https://asc.fasb.org/subtopic&trid=77888252 + Details
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