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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2024
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 4. Commitments and Contingencies Operating Leases Corporate Headquarters Facility Lease In May 2022, we entered into a lease (the Lease) with San Diego Creekside, LLC (Landlord), as lessor, pursuant to which we agreed to lease from Landlord approximately 23,696 rentable square feet (subject to increase pursuant to the terms of the Lease) of office and laboratory space. The term of the lease (the Lease Term) commenced on March 20, 2023 (the Lease Commencement Date) and will continue for 124 months from the Lease Commencement Date. We also have one option to extend the Lease Term for five years. Base rent during such extension period would be at the fair market rent for the Premises (as that term is defined in the Lease). Under the terms of the Lease, the base rent during the first 12 months of the Lease Term was $5.75 per square foot of rentable area per month, and the base rent following the first 12 months of the Lease Term is subject to certain upward adjustments of approximately 3.0% annually. As of March 31, 2024, we received a $5.3 million allowance for tenant improvements, which represents the full allowance to which we were entitled under the Lease. We provided a $0.7 million security deposit in the form of a letter of credit which is included in restricted cash as of March 31, 2024. During the second quarter of 2023, additional common area amenities were completed by the Landlord which provided us with access to an estimated 1,500 additional rentable square feet. In April 2024, we finalized an amendment to the Lease (the Lease Amendment), effective June 2023. The additional rentable square feet was adjusted to 1,170 square feet for a total of 24,866 rentable square feet and our base rent increased for this additional rentable square feet at the same monthly base rent per rentable square foot as contemplated in the Lease. Future minimum payments under the facility leases and reconciliation to the operating lease liability as of March 31, 2024 were as follows (in thousands):
|  | Operating Leases |
2024 |  | $ | 1,263 |
2025 |  |  | 1,722 |
2026 |  |  | 1,780 |
2027 |  |  | 1,916 |
2028 and thereafter |  |  | 11,812 |
Less: Amount representing interest |  |  | (6,171 | )
Present value of lease payments |  |  | 12,322 |
Less: Current portion of operating lease liability |  |  | (629 | )
Long-term operating lease liability, net of current portion |  | $ | 11,693 |
For each of the three months ended March 31, 2024 and 2023, we recorded an operating lease expense of $0.3 million and $0.7 million, respectively. As of March 31, 2024, the weighted-average remaining lease term was 9.3 years and the weighted average discount rate was 8.8%. Financing Leases In April 2022, we entered into a master financing lease agreement to lease various research and development and information technology equipment over a 48-month term. Future minimum payments under the financing lease and reconciliation to the financing lease liability as of March 31, 2024 were as follows (in thousands):
|  | Financing Leases |
2024 |  | $ | 475 |
2025 |  |  | 634 |
2026 |  |  | 676 |
2027 |  |  | 264 |
Less: Amount representing interest |  |  | (245 | )
Present value of lease payments |  |  | 1,804 |
Less: Current portion of financing lease liability |  |  | (507 | )
Long-term financing lease liability, net of current portion |  | $ | 1,297 |
As of March 31, 2024, the weighted-average remaining lease term was 2.8 years and the weighted-average discount rate was 8.3%. As of March 31, 2024, we have a $2.5 million deposit held as collateral for the leased equipment, and this deposit is included in restricted cash.

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