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Leases
9 Months Ended
Sep. 30, 2021
Leases [Abstract]  
Leases

6.

Leases

In December 2020, the Company entered into a 48-month operating lease agreement to lease office space in San Mateo, California. The lease commenced on April 30, 2021 and expires on April 30, 2025.

The Company also has an operating lease agreement to lease office space in Vancouver, Canada that expires on February 28, 2023. In December 2020, the Company entered into an agreement to sublet the entire office premises to a third party until February 27, 2023. Pursuant to the sublease agreement, the subtenant will pay base rent of $0.2 million per annum to the Company and all operating costs related to the office space.

The components of lease expense, which are recorded in general and administrative expense, and related cash flows for the three and nine months ended September 30, 2021 and 2020 were as follows:

 

 

 

Three Months Ended

September 30,

 

 

Nine Months Ended

September 30,

 

 

 

2021

 

 

2020

 

 

2021

 

 

2020

 

 

 

(in thousands)

 

Operating lease cost

 

$

91

 

 

$

51

 

 

$

209

 

 

$

152

 

Short-term lease cost

 

 

7

 

 

 

7

 

 

 

20

 

 

 

36

 

 

 

 

98

 

 

 

58

 

 

 

229

 

 

 

188

 

Operating cash flows used for operating leases

 

$

60

 

 

$

53

 

 

$

175

 

 

$

157

 

 

As of September 30, 2021, the weighted average remaining lease term and discount rate for the operating leases are 3.1 years and 4.8%, respectively.

As of September 30, 2021, maturities of lease liability due under the lease agreements are as follows:

 

Years Ending December 31:

 

Operating

Leases

 

 

 

(in thousands)

 

Remainder of 2021

 

$

109

 

2022

 

 

397

 

2023

 

 

223

 

2024

 

 

230

 

2025

 

 

58

 

Total lease payments

 

 

1,017

 

Less imputed interest

 

 

(66

)

Total

 

$

951

 

 

In addition to base rent, the Vancouver lease requires payment of operating costs. These costs are not included in the table above or the sublease amount. These amounts also have not been reduced by future base rent due under the Vancouver sublease of $0.2 million.