XML 25 R14.htm IDEA: XBRL DOCUMENT v3.22.4
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, 2022Twelve 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, 2022As of December 31, 2021
Operating lease ROU assets$2,251 $2,796 
Current operating lease liabilities$675 $551 
Non-current operating lease liabilities2,040 2,568 
Total operating lease liabilities
$2,715 $3,119 
Weighted-average remaining lease term–operating leases4.2 years5.2 years
Weighted-average discount rate–operating leases%%

Supplemental cash flow and other information related to leases was as follows:
(in thousands)Twelve Months Ended December 31, 2022Twelve 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 
2024754 
2025775 
2026796 
Thereafter136 
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, 2022Twelve 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, 2022As of December 31, 2021
Operating lease ROU assets$2,251 $2,796 
Current operating lease liabilities$675 $551 
Non-current operating lease liabilities2,040 2,568 
Total operating lease liabilities
$2,715 $3,119 
Weighted-average remaining lease term–operating leases4.2 years5.2 years
Weighted-average discount rate–operating leases%%

Supplemental cash flow and other information related to leases was as follows:
(in thousands)Twelve Months Ended December 31, 2022Twelve 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 
2024754 
2025775 
2026796 
Thereafter136 
Total future minimum lease payments$3,137 
Less imputed interest(422)
Total$2,715