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Leases | 9 Months Ended
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Sep. 30, 2023
Leases [Abstract] |
Leases | 4. Leases The Company has a single operating lease for its corporate headquarters and laboratory space in San Diego, California. The lease expires in July 2025 and the Company has an option to extend the term of the lease for an additional five years. Additionally, the lease includes certain rent abatement, rent escalations, tenant improvement allowances and additional charges for common area maintenance and other costs. The components of lease expense included in the Company’s statements of operations and loss include (in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease expense |  | $ | 261 |  |  | $ | 261 |  |  | $ | 782 |  |  | $ | 782 |
Variable lease expense |  |  | 147 |  |  |  | 132 |  |  |  | 401 |  |  |  | 328 |
Total lease expense, net |  | $ | 408 |  |  | $ | 393 |  |  | $ | 1,183 |  |  | $ | 1,110 |
Variable lease costs are primarily related to payments made to lessors for common area maintenance, property taxes, insurance, and other operating expenses. The Company did not have any short-term leases or finance leases for the three and nine months ended September 30, 2023 and 2022, respectively. The weighted average remaining lease term and weighted average discount rate for operating leases were as follows:
|  | As of September 30, |
|  | 2023 |  |  | 2022 |
Weighted average remaining lease term (in years) |  |  | 1.75 |  |  |  | 2.75 |
Weighted average discount rate percentage |  |  | 3.50 | % |  |  | 3.50 | %
Supplemental cash flow information related to leases under which the Company is the lessee was as follows (amounts in thousands):
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
|  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Cash paid for amounts included in the measurement of operating leases |  | $ | 411 |  |  | $ | 401 |  |  | $ | 1,226 |  |  | $ | 1,155 |
As of September 30, 2023, future minimum payments under the Company’s non-cancelable operating lease under ASC 842 were as follows (in thousands):
|  | Operating lease |
Three months ending December 31, 2023 |  | $ | 411 |
2024 |  |  | 1,685 |
2025 |  |  | 845 |
Thereafter |  |  | — |
Total future lease payments |  |  | 2,941 |
Less: imputed interest |  |  | (94 | )
Total operating lease liabilities |  | $ | 2,847 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org//842-20/tableOfContent + Details
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