In October 2017, the Company entered into a non-cancelable operating facility lease agreement for 8,029 square feet of office space located at 2155 Park Blvd. in Palo Alto, California. The lease commenced on March 1, 2018 and expires in February 2023. The lease has a three-year renewal option prior to expiration; however, the Company is not reasonably assured to exercise this option. The lease includes rent escalation clauses throughout the lease term. In October 2017, the Company provided a security deposit of $0.3 million. The Company also has additional operating leases that are included in its lease accounting but are not considered significant for disclosure.

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

Undiscounted lease payments	March 31, 2022
Remaining in 2022		501
2023		115
2024		1
2025		1
Total undiscounted payments		618
Less: imputed interest		24
Present value of future lease payments		594
Less: current portion of operating lease liabilities		590
Operating lease liabilities	$	4

Rent expense recognized for the Company’s operating leases was $0.1 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively. Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments for the operating leases was $23,000 for each of the three months ended March 31, 2022 and 2021.

The operating cash outflows for the operating lease liabilities were $0.2 million and $0.2 million for the three months ended March 31, 2022 and 2021, respectively. As of March 31, 2022 and December 31, 2021, the weighted-average remaining lease terms were 0.9 years and 1.2 years, and weighted-average discount rates were 9.15% and 9.15%, respectively.