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Operating Leases
 3 Months Ended
Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Operating Leases Operating Leases
The Company has commitments under operating leases for office, laboratory, and storage space including its current headquarters and future headquarters located in Malvern, Pennsylvania. The Company's operating lease for its current headquarters has an initial term of seven years, which began in December 2020, and the Company has the option to extend for one additional five-year term. In October 2021, the Company entered into a lease agreement for its future headquarters. The lease agreement related to the future headquarters has an expected commencement date in the second quarter of 2022 and has an initial term of seven years. The aggregate estimated base rent payments due over the initial seven-year term are $3.8 million. The Company has the option to extend this lease agreement for two additional five-year terms.
The components of lease expense were as follows (in thousands):
Three months ended March 31,
20222021
Operating lease cost$179 $68 
Variable lease cost28 30 
Total lease cost$207 $98 
Supplemental balance sheet information related to leases was as follows (in thousands):
March 31, 2022December 31, 2021
Right-of-use assets, net$1,424 $1,587 
Current lease obligations$254 $363 
Non-current lease obligations1,180 1,231 
Total lease liabilities$1,434 $1,594 
Supplemental information related to leases was as follows:
Three months ended March 31,
20222021
Weighted-average remaining lease term — operating leases (years)5.46.7
Weighted-average discount rate — operating leases4.4 %4.6 %
Future minimum operating lease base rent payments are approximately as follows (in thousands):
For the Years Ending December 31,Amount
Remainder of 2022$243 
2023261 
2024269 
2025277 
2026285 
Thereafter293 
Total$1,628 
Less: present value adjustment(194)
Present value of minimum lease payments$1,434 
As aforementioned, the Company entered into a lease agreement for its future headquarters in October 2021. The aggregate estimated base rent payments due over the initial seven-year term of $3.8 million are excluded from the future minimum operating lease base rent payments above, as the lease agreement related to its future headquarters has not yet commenced per ASC 842.