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Leases
3 Months Ended
Mar. 31, 2022
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 and related cash flows for the three months ended March 31, 2022 and 2021 were as follows:

 

 

 

Three Months Ended

March 31,

 

 

 

2022

 

 

2021

 

 

 

(in thousands)

 

Operating lease cost

 

$

89

 

 

$

43

 

Short-term lease cost

 

$

7

 

 

 

7

 

 

 

 

96

 

 

 

50

 

Operating cash flows used for operating leases

 

$

110

 

 

$

57

 

 

As of March 31, 2022, the weighted average remaining lease term and discount rate for the operating leases are 2.7 years and 4.6%, respectively.

As of March 31, 2022, maturities of lease liability due under the lease agreements are as follows:

 

Years Ending December 31:

 

Operating

Leases

 

 

 

(in thousands)

 

Remainder of 2022

 

 

289

 

2023

 

 

223

 

2024

 

 

230

 

2025

 

 

58

 

Total lease payments

 

 

800

 

Less imputed interest

 

 

(46

)

Total

 

 

754

 

 

These amounts have not been reduced by future base rent due under the Vancouver sublease of $0.2 million. 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.