Leases

12 Months Ended

Dec. 31, 2021

The Company has operating leases for corporate offices, research and development facilities, and a fleet of vehicles. The properties primarily relate to the Company’s principal executive office and research facility located in Durham, North Carolina, regulatory, commercial support and other administrative activities located in Irvine, California, and clinical, finance and legal operations located in Bedminster, New Jersey. The Durham, North Carolina, facility consists of approximately 61,000 square feet of laboratory and office space under a lease that was renewed in the third quarter of 2021 and expires in June 2029. The Irvine, California, location consists of approximately 27,000 square feet of office space under a lease that was renewed in the third quarter of 2021 and expires in October 2027. The Bedminster, New Jersey, location consists of approximately 34,000 square feet of office space under a lease that expires in October 2029. There are also small offices in Ireland, the United Kingdom and Japan.

The Company is leasing approximately 30,000 square feet of interior floor space for its manufacturing plant in Athlone, Ireland. The Company is reasonably certain it will remain in the lease through the end of its lease term in 2037, however, the Company is permitted to terminate the lease as early as September 2027.

The Company’s operating leases have remaining lease terms of approximately 1 year to 16 years, some of which include options to extend the leases.

The cash paid for amounts included in the measurement of lease liabilities was $5.4 million, $6.0 million and $4.7 million during the years ended December 31, 2021, 2020, and 2019, respectively. The Company’s right-of-use assets obtained in exchange for operating lease obligations were $13.0 million and $1.9 million during the years ended December 31, 2021 and 2020, respectively.


	DECEMBER 31,

	2021		2020
Operating Leases
Weighted-average remaining lease terms	8 years		8 years
Weighted-average discount rate	8	%	9	%

Maturities of lease liabilities as of December 31, 2021 are as follows:


	OPERATING
(in thousands)	LEASES
Year Ending December 31,
2022	$	4,447
2023	4,826
2024	4,297
2025	4,568
Thereafter	18,333
Total undiscounted lease payments	36,471
Less: present value adjustment	(10,355)
Total lease liabilities	$	26,116

Maturities of lease liabilities as of December 31, 2020 were as follows:


	OPERATING
(in thousands)	LEASES
Year Ending December 31,
2021	$	5,068
2022	2,467
2023	2,139
2024	1,764
Thereafter	10,424
Total undiscounted lease payments	$	21,862
Less: present value adjustment	(6,733)
Total lease liabilities	$	15,129

Lease expense for the Company’s operating leases was $5.9 million, including variable lease payments of $1.1 million, for the year ended December 31, 2021, respectively. Lease expense for the Company’s operating leases was $5.6 million, including variable lease payments of $0.7 million, for the year ended December 31, 2020, respectively. Lease expense for the Company’s operating leases was $5.3 million, including variable lease payments of $1.3 million, for the year ended December 31, 2019.