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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 | 8. Commitments and Contingencies Lease Commitments The Company’s corporate headquarters are located in Emeryville, California and its research facilities are located in Emeryville and Dixon, California, Durham, North Carolina and Tucson, Arizona. It leases approximately 70,000 square feet of space under leases expiring from 2026 to 2032. The below tables provide supplemental cash flow and other information related to operating leases (in thousands, except for lease term and discount rate):
|  | Three Months Ended March 31,
|  | 2024 |  | 2023
Cash paid for amounts included in the measurement of lease liabilities: |  | $ | 901 |  |  | $ | 860 |
Right-of-use assets obtained in exchange for lease obligations: |  | $ | — |  |  | $ | — |
|  | As of March 31,
|  | 2024 |  | 2023
Weighted average remaining lease term (in years) |  | 7.5 |  | 8.4
Weighted average discount rate |  | 4.3 | % |  | 4.3 | %
In addition to base rent, certain of the Company’s operating leases require variable payments. These variable lease costs include amounts relating to common area maintenance and are expensed when the obligation for those payments is incurred and are recognized as operating expenses in the condensed consolidated statements of operations. The following table summarizes the components of operating lease expense for the three months ended March 31, 2024 and 2023:
|  |  |  | Three Months Ended March 31,
(in thousands) |  |  |  |  |  | 2024 |  | 2023
Operating lease cost |  |  |  |  |  | 796 |  |  | 781 |
Variable lease cost |  |  |  |  |  | 381 |  |  | 335 |
Total lease costs |  |  |  |  |  | 1,177 |  |  | 1,116 |
Future minimum lease commitments are as follows as of March 31, 2024 (in thousands):
Maturity Dates |  | Operating Leases
Remaining nine months ended December 31, 2024 |  | $ | 2,585 |
2025 |  | 3,772 |
2026 |  | 3,869 |
2027 |  | 3,970 |
2028 |  | 4,103 |
Thereafter |  | 11,298 |
Total lease payments |  | 29,597 |
Less imputed interest |  | (4,663) |
Present value of lease liabilities |  | $ | 24,934 |
Legal Proceedings From time to time, the Company has been and may be involved in various legal proceedings arising in its ordinary course of business. In the opinion of management, resolution of any pending claims (either individually or in the aggregate) is not expected to have a material adverse impact on the condensed consolidated financial statements, cash flows or financial position and it is not possible to provide an estimated amount of any such loss. However, the outcome of disputes is inherently uncertain. Therefore, although management considers the likelihood of such an outcome to be remote, an unfavorable resolution of one or more matters could materially affect future results of operations or cash flows, or both, in a particular period.

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