Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. In calculating the present value of the lease payments, the Company has elected to utilize its incremental borrowing rate based on the original lease term and not the remaining lease term. The lease includes non-lease components (e.g., common area maintenance) that are paid separately from rent based on actual costs incurred and, therefore, were not included in the right-of-use asset and lease liability but are reflected as an expense in the period incurred.

The Company leases office space for its corporate headquarters, located in South San Francisco, CA. The lease term is through April 30, 2023 and there are no stated renewal options.

In March 2022, the Company entered into a sublease agreement for one of its leased facilities that commenced in April 2022. Under the terms of the sublease agreement, the Company will receive $0.2 million in base lease payments over the term of the sublease, which ends in April 2023.

For the three months ended March 31, 2022 and 2021, the Company’s operating lease expense was $0.5 million and $0.2 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows:

	March 31, 2022			December 31, 2021
Weighted-average remaining lease term	1.1 years			1.3 years
Weighted-average discount rate		4.8	%		4.8	%

The maturity of the Company’s operating lease liabilities as of March 31, 2022 were as follows (in thousands):

Year Ending December 31,	Amount
Remaining in 2022	$	1,543
2023		410
Total undiscounted lease payments		1,953
Less imputed interest		(44	)
Total operating lease liability	$	1,909

Supplemental cash flow information related to operating leases was as follows (in thousands):

	Three Months Ended March 31,
	2022		2021
Cash paid for amounts included in the measurement of lease liabilities	$	502	$	182