12. Leases

Operating leases

Substantially all our operating lease right-of-use assets and operating lease liability represents leases for office space and property to conduct our business.

The operating lease expense for the three-month period ended March 31, 2022 included in general and administrative expenses is $69 thousand. The cash outflows from operating leases for the three-month period ended March 31, 2022 was $68 thousand.

The weighted average remaining lease term and the weighted average discount rate for operating leases at March 31, 2022 were 3.9 years and 10%, respectively.

The following table reconciles the undiscounted cash flows for the operating leases as at March 31, 2022 to the operating lease liabilities recorded on the balance sheet:

		Operating Leases
2022		208
2023		281
2024		289
2025		289
2026		48
Total undiscounted lease payments		1,115
Less: Interest		259
Present value of lease liabilities	$	856

Current portion of operating lease liability	$252
Operating lease liability	$604

Finance leases

Substantially all our finance lease right-of-use assets and finance lease liability represents leases for laboratory equipment to conduct our business.

The cash outflows from finance leases for the three-month period ended March 31, 2022 was $9 thousand.

The weighted average remaining lease term and the weighted average discount rate for finance leases at March 31, 2022 were 2.8 years and 6.35%, respectively.

The following table reconciles the undiscounted cash flows for the finance leases as at March 31, 2022 to the finance lease liabilities recorded on the balance sheet:

		Finance Leases

2022	$	33
2023		43
2024		41
2025		7
Total undiscounted lease payments		124
Less: Interest		12
Present value of lease liabilities	$	112

Current portion of finance lease liability	$37
Finance lease liability	$75