Leases

3 Months Ended

Mar. 31, 2022

We lease our office facilities in Menlo Park, California. In March 2022, we amended our lease to extend its term from March 31, 2022 to June 30, 2023. As a result of this amendment, we recognized an additional right-of-use asset and corresponding lease liability of $2.8 million. The right-of-use asset and lease liability recognized equals the present value of the remaining payments due under our amended lease.

As the operating lease for our facilities does not include an expressly stated interest rate, we calculated the present value of remaining lease payments using a discount rate equal to the interest rate we would pay on a collateralized loan with monthly payments and a term equal to the monthly payments and remaining term of our lease. We recognize operating lease payments as expenses using the straight-line method over the term of the lease.

Operating lease expense for each of the three months ended March 31, 2022 and 2021 was approximately $0.5 million.

Our right-of-use assets and related lease liabilities were as follows (in thousands, except weighted average amounts):


	Three Months Ended March 31,
	2022			2021
Cash paid for operating lease liabilities	$	530		$	514
Right-of-use assets obtained in exchange for new operating lease obligations	$	2,816		$	—
Weighted-average remaining lease term	15 months			12 months
Weighted-average discount rate	4.0		%	4.8		%

As of March 31, 2022, future minimum lease payments under non-cancelable operating leases were as follows (in thousands):


2022 (remainder)	$	1,735
2023	1,157
Total lease payments	2,892
Less imputed interest	(76)
Present value of operating lease liabilities	$	2,816