Future minimum payments under the non-cancelable operating lease for our existing office and laboratory space and reconciliation to the operating lease liability as of June 30, 2022 were as follows (in thousands):


	Operating Lease
2022	$	536
2023		404
Less: Amount representing interest		(34	)
Present value of lease payments		906
Less: Current portion of operating lease liability		(906	)
Long-term operating lease liability, net of current portion	$	—

For each of the three months ended June 30, 2022 and 2021, we recorded an operating lease cost of $0.2 million. For each of the six months ended June 30, 2022 and 2021, we recorded an operating lease cost of $0.5 million. As of June 30, 2022, the weighted-average remaining lease term was 0.9 years and the weighted-average discount rate was 9.6%.

In May 2022, we entered into a lease (the Lease) with San Diego Creekside, LLC (Landlord), as lessor, pursuant to which we agreed to lease from Landlord approximately 23,696 rentable square feet (subject to increase pursuant to the terms of the Lease) of office and laboratory space. The term of the lease (the Lease Term) will commence upon the earlier of April 1, 2023 or the completion of certain leasehold improvements to the Premises (as defined in the Lease), but not sooner than March 1, 2023 (the Lease Commencement Date) and continue for 124 months from the Lease Commencement Date. We also have one option to extend the Lease Term for five years. Base rent during such extension period would be at the fair market rent for the Premises. Under the terms of the Lease, the base rent during the first 12 months of the Lease Term will be $5.75 per square foot of rentable area per month, subject to certain upward adjustments of approximately 3.0% annually. We are entitled to an allowance of $5.5 million for tenant improvements, including an option to utilize an additional allowance of up to $0.6 million, which, if used by us, would be repaid by us as additional monthly base rent, amortized at eight percent (8.0%) per annum during the Lease Term. We provided a $0.7 million security deposit in the form of a letter of credit which is included in restricted cash as of June 30, 2022.

In April 2022, we entered into a master financing lease agreement to lease various research and development and information technology equipment over a 48-month term. Financing lease payments for equipment received in June 2022 will start in July 2022. Future minimum payments under the non-cancelable financing lease and reconciliation to the financing lease liability as of June 30, 2022 were as follows (in thousands):


	Financing Lease
2022	$	49
2023		99
2024		99
2025		99
2026		97
Less: Amount representing interest		(75	)
Present value of lease payments		368
Less: Current portion of operating lease liability		(70	)
Long-term operating lease liability, net of current portion	$	298

As of June 30, 2022, the weighted-average remaining lease term was 4.1 years and the weighted-average discount rate was 8.76%.