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Leases | 12 Months Ended
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Dec. 31, 2022
Leases [Abstract] |
Leases | Note 6. Leases In August 2016, the Company entered into a lease agreement for office and lab space, which consists of approximately 32,813 square feet of rental space in South San Francisco, California. The office space lease is classified as an operating lease. The initial lease term commenced in May 2017 and ends in April 2025, with rent payments escalating each year. The Company has options to extend the lease for additional years, but the exercise of the option was not reasonably certain. In connection with the lease, the Company maintains a letter of credit for the benefit of the landlord in the amount of $0.4 million, which is recorded as restricted cash in the consolidated balance sheets. In January 2020, the Company entered into a lease agreement for a term of 18 months commencing June 2020 for approximately 6,478 square feet of office space. This office space lease, which was classified as an operating lease, was amended in September 2021 and expired in June 2022. The operating lease expense for the years ended December 31, 2022 and 2021 was $1.9 million and $2.0 million. Aggregate future minimum rental payments under the operating leases as of December 31, 2022, were as follows (in thousands):
Year ending December 31, 2023 |  | $ | 2,596 |
Year ending December 31, 2024 |  |  | 2,670 |
Year ending December 31, 2025 |  |  | 891 |
Total lease payments |  |  | 6,157 |
Less: Imputed interest |  |  | (555 | )
Operating lease liabilities |  | $ | 5,602 |
The following represents supplemental information related to the Company’s operating facility leases:
|  | December 31, |
|  | 2022 |  |  | 2021 |
Cash paid for amounts included in the measurement of lease liabilities (in thousands) |  | $ | 2,743 |  |  | $ | 2,856 |
Weighted-average remaining lease term (in years) |  |  | 2.33 |  |  |  | 3.25 |
Weighted-average discount rate |  |  | 8.48 | % |  |  | 8.43 | %

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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI https://asc.fasb.org/topic&trid=2208923 + Details
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