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Leases

6 Months Ended

Jun. 30, 2021

5. Leases

We lease our office and laboratory space under a noncancelable operating lease that was entered into in August 2018, amended in July 2019 and June 2020, and expires in 2029. We have an option to extend the lease term for one additional term of five years at the greater of the then-current base rent or the then-current fair market value. Exercise of this option was not determined to be reasonably certain and thus was not considered in determining the operating lease liability on the condensed consolidated balance sheet as of June 30, 2021. We posted a letter of credit in the amount of approximately $2.1 million as a security deposit. The letter of credit is subject to increase if we were to sublease any portion of the leased premises. This lease does not include any restrictions or covenants that had to be accounted for under the lease guidance.

The following table presents our costs included in operating expenses related to the operating lease:


(in thousands)		For the Three Months Ended June 30, 2021		For the Six Months Ended June 30, 2021
Operating lease cost	$	1,504	$	3,009
Variable lease cost		446		892
Total	$	1,950	$	3,901

Net cash paid for the amounts included in the measurement of the operating lease liability on the condensed consolidated balance sheet and operating activities in our condensed consolidated statement of cash flow was $3.6 million for the period ending June 30, 2021. The weighted-average remaining lease term and weighted-average incremental borrowing rate for all leases as of June 30, 2021 was 7.8 years and 6.5%, respectively.

Future lease payments for our noncancelable operating lease as of June 30, 2021 and a reconciliation to the carrying amount of the operating lease liability presented in the condensed consolidated balance sheet as of June 30, 2021 is as follows:


Year Ending December 31,	(in thousands)
2021 (remaining 6 months)	$	3,681
2022		7,267
2023		7,441
2024		7,679
2025		7,881
Thereafter		27,570
Total undiscounted payments due under operating leases		61,519
Less imputed interest		(13,773)
Total	$	47,746

Current operating lease liability	$	4,287
Non-current operating lease liability		43,459
Total	$	47,746