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Leases | 6 Months Ended
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Jun. 30, 2022
Leases [Abstract] |
Leases | Leases The Company’s leases are as follows: •An April 2019 operating lease for approximately 9,949 square feet of office and laboratory space which commenced in April 2019 and terminates in March 2024. The lease is subject to fixed-rate rent escalations and provided for a term extension option, which was not reasonably certain of exercise. In May 2022, the Company entered into a sublease agreement with Crossbow Therapeutics, Inc. (“Crossbow”), to sublease the entirety of this space. The annual rent for the subleased premises will be approximately $1.1 million in the first year and $1.0 million in the second year, which is greater than the annual rent paid by the Company to the landlord for the leased premises. Crossbow is obligated to pay all real estate taxes and costs related to the subleased premises, including cost of operations, maintenance, repair, replacement, and property management. •A March 2021 short-term lease for approximately 7,500 square feet of office and laboratory space which commenced in April 2021 and terminated in May 2022. The Company did not recognize an operating lease right of use asset or a lease liability upon lease commencement. Rent expense for the Company’s short-term lease was recognized as incurred. •A June 2021 operating lease for approximately 25,778 square feet of office and laboratory space, which the Company occupied in May 2022, and terminates in May 2030. The lease is subject to fixed-rate rent escalations and provided for $5.7 million in tenant improvements and a term extension option, which was not reasonably certain of exercise. The Company provided the landlord with a security deposit in the form of a letter of credit in the amount of $1.0 million upon signing, which is included in restricted cash as of June 30, 2022. Accounting Analysis for operating leases under ASC Topic 842, Leases: •Expected lease term: The expected lease term includes noncancelable lease periods and, when applicable, periods covered by an option to extend the lease if the Company is reasonably certain to exercise that option, as well as periods covered by an option to terminate the lease if the Company is reasonably certain not to exercise that option. •Incremental borrowing rate: As the discount rates in the Company’s lease are not implicit, management estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term. •Lease and non-lease components: The Company is required to pay fees for operating expenses in addition to monthly base rent for certain operating leases (non-lease components). The Company has elected the practical expedient which allows non-lease components to be combined with lease components for all asset classes. Variable non-lease components are not included within the lease right-of-use asset and lease liability on the consolidated balance sheet, and instead are reflected as expense in the period they are paid. The following table summarizes lease costs for the three and six months ended June 30, 2022 and 2021 (in thousands):
| Three Months Ended June 30, |  | Six Months Ended June 30,
| 2022 |  | 2021 |  | 2022 |  | 2021
Operating lease costs | $ | 633 |  |  | $ | 219 |  |  | $ | 1,316 |  |  | $ | 438 |
Variable lease costs | 183 |  |  | 99 |  |  | 281 |  |  | 199 |
Short-term lease costs | 91 |  |  | 137 |  |  | 228 |  |  | 137 |
Sublease income | (68) |  |  | — |  |  | (68) |  |  | — |
Total | $ | 839 |  |  | $ | 455 |  |  | $ | 1,757 |  |  | $ | 774 |
The following table summarizes the lease term and discount rate for operating leases as of June 30, 2022 and December 31, 2021:
| June 30, 2022 |  | December 31, 2021
Weighted-average remaining lease term (years) | 7.4 |  | 7.6
Weighted-average discount rate | 8.1 | % |  | 8.1 | %
As of June 30, 2022, the future minimum lease payments due under the Company’s leases are as follows (in thousands):
| Amount
2022 | $ | 1,453 |
2023 | 3,133 |
2024 | 2,505 |
2025 | 2,337 |
2026 | 2,403 |
Thereafter | 8,730 |
Total remaining minimum rental payments | 20,561 |
Less: effect of discounting | (5,015) |
Total lease liability | $ | 15,546 |

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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 http://asc.fasb.org/subtopic&trid=77888251 + Details
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