LEASES

3 Months Ended

Mar. 31, 2022

The Company entered into two agreements and exited its Houston and South San Francisco office locations during the first quarter of 2021 and, therefore, did not have any lease liabilities as of March 31, 2022. In connection with the lease termination and exit of the Houston office, a third party also acquired all of the property and equipment associated with the location. The consideration included an unsecured promissory note of $0.2 million with a simple interest of 4% per annum, which is due and payable on or before June 30, 2022.

Components of lease cost are as follows:


	Three Months Ended
(in thousands)	March 31, 2022		March 31, 2021
Finance lease cost:
Amortization of leased asset	$	—	$	10
Interest on lease liabilities	—		4
Operating lease cost	—		54
Short-term lease cost	—		52
Total lease cost	$	—	$	120