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v3.23.1

Leases | 3 Months Ended
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Mar. 31, 2023
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 office and lab space in San Diego that expires on February 28, 2027. The lease currently requires monthly payments of approximately $61,000 per month with 3% annual escalation. The components of lease expense were as follows:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2023 |  | 2022
Operating lease cost |  |  |  |  | $ | 183 |  |  | $ | 191 |
Net operating lease cost |  |  |  |  | $ | 183 |  |  | $ | 191 |
Supplemental balance sheet information related to leases was as follows:
(in thousands) | As of March 31, 2023 |  | As of December 31, 2022
Operating lease ROU assets | $ | 2,115 |  |  | $ | 2,251 |
Current operating lease liabilities | $ | 679 |  |  | $ | 675 |
Non-current operating lease liabilities | 1,898 |  |  | 2,040 |
Total operating lease liabilities | $ | 2,577 |  |  | $ | 2,715 |
Weighted-average remaining lease term–operating leases | 3.9 years |  | 4.2 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) |  |  |  |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 185 |  |  | $ | 70 |
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 |  |  |  |
2023 (excluding the three months ended March 31, 2023) | $ | 491 |  |  |  |  |
2024 | 754 |  |  |  |  |
2025 | 775 |  |  |  |  |
2026 | 796 |  |  |  |  |
Thereafter | 136 |  |  |  |  |
Total future minimum lease payments | 2,952 |  |  |  |  |
Less imputed interest | (375) |  |  |  |  |
Total | $ | 2,577 |  |  |  |  |
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 office and lab space in San Diego that expires on February 28, 2027. The lease currently requires monthly payments of approximately $61,000 per month with 3% annual escalation. The components of lease expense were as follows:
|  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  | 2023 |  | 2022
Operating lease cost |  |  |  |  | $ | 183 |  |  | $ | 191 |
Net operating lease cost |  |  |  |  | $ | 183 |  |  | $ | 191 |
Supplemental balance sheet information related to leases was as follows:
(in thousands) | As of March 31, 2023 |  | As of December 31, 2022
Operating lease ROU assets | $ | 2,115 |  |  | $ | 2,251 |
Current operating lease liabilities | $ | 679 |  |  | $ | 675 |
Non-current operating lease liabilities | 1,898 |  |  | 2,040 |
Total operating lease liabilities | $ | 2,577 |  |  | $ | 2,715 |
Weighted-average remaining lease term–operating leases | 3.9 years |  | 4.2 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) |  |  |  |  | 2023 |  | 2022
Cash paid for amounts included in the measurement of lease liabilities: |  |  |  |  |  |  |
Operating cash flows from operating leases |  |  |  |  | $ | 185 |  |  | $ | 70 |
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 |  |  |  |
2023 (excluding the three months ended March 31, 2023) | $ | 491 |  |  |  |  |
2024 | 754 |  |  |  |  |
2025 | 775 |  |  |  |  |
2026 | 796 |  |  |  |  |
Thereafter | 136 |  |  |  |  |
Total future minimum lease payments | 2,952 |  |  |  |  |
Less imputed interest | (375) |  |  |  |  |
Total | $ | 2,577 |  |  |  |  |

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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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