Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

LeasesThe Company leased separate office and laboratory spaces in Vancouver, British Columbia, which expired in February 2022. On January 25, 2019, the Company entered into a lease for a new building in Vancouver to serve as the Company’s future headquarters, including both office and laboratory space. This lease commenced for accounting purposes in May 2021 and construction of leasehold improvements was completed during the three months ended March 31, 2022. This lease has an initial term of ten years, with two five-year extension options. In addition, the Company leases office space in Seattle, Washington with lease terms expiring in May 2027. None of the optional extension periods have been included in the determination of the right-of-use assets or the lease liabilities for operating leases as the Company did not consider it reasonably certain that the Company would exercise any such options. The Company also leases office equipment under capital lease agreements.

The balance sheet classification of the Company’s lease liabilities was as follows:

	March 31, 2022		December 31, 2021
Operating lease liabilities:
Current portion	$	1,122	$	1,310
Long-term portion	30,599		30,923
Total operating lease liabilities	31,721		$	32,233
Finance lease liabilities:
Current portion included in other current liabilities	27		22
Long-term portion included in other long-term liabilities	92		100
Total finance lease liabilities	119		122
Total lease liabilities	$	31,840	$	32,355

Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2022 was $960 and was included in net cash used in operating activities in the consolidated statement of cash flows.

As of March 31, 2022, the maturities of the Company’s operating lease liabilities were as follows:

	Operating leases
Within 1 year	$	1,977
1 to 2 years	5,139
2 to 3 years	5,230
3 to 4 years	5,335
4 to 5 years	5,171
Thereafter	15,024
Total operating lease payments	37,876
Less:
Imputed interest	(6,155)
Operating lease liabilities	$	31,721

As of March 31, 2022, the weighted average remaining lease term is 8.3 years and the weighted average discount rate used to determine the operating lease liability was 4.8% for leases in Canadian dollars and 2.8% for leases in U.S. dollars.

During the three months ended March 31, 2022, the Company incurred total operating lease expenses of $3,865, which included lease expenses associated with fixed lease payments of $3,828, and variable payments associated with common area maintenance and similar expenses of $37.

Leases

LeasesThe Company leased separate office and laboratory spaces in Vancouver, British Columbia, which expired in February 2022. On January 25, 2019, the Company entered into a lease for a new building in Vancouver to serve as the Company’s future headquarters, including both office and laboratory space. This lease commenced for accounting purposes in May 2021 and construction of leasehold improvements was completed during the three months ended March 31, 2022. This lease has an initial term of ten years, with two five-year extension options. In addition, the Company leases office space in Seattle, Washington with lease terms expiring in May 2027. None of the optional extension periods have been included in the determination of the right-of-use assets or the lease liabilities for operating leases as the Company did not consider it reasonably certain that the Company would exercise any such options. The Company also leases office equipment under capital lease agreements.

The balance sheet classification of the Company’s lease liabilities was as follows:

	March 31, 2022		December 31, 2021
Operating lease liabilities:
Current portion	$	1,122	$	1,310
Long-term portion	30,599		30,923
Total operating lease liabilities	31,721		$	32,233
Finance lease liabilities:
Current portion included in other current liabilities	27		22
Long-term portion included in other long-term liabilities	92		100
Total finance lease liabilities	119		122
Total lease liabilities	$	31,840	$	32,355

Cash paid for amounts included in the measurement of operating lease liabilities for the three months ended March 31, 2022 was $960 and was included in net cash used in operating activities in the consolidated statement of cash flows.

As of March 31, 2022, the maturities of the Company’s operating lease liabilities were as follows:

	Operating leases
Within 1 year	$	1,977
1 to 2 years	5,139
2 to 3 years	5,230
3 to 4 years	5,335
4 to 5 years	5,171
Thereafter	15,024
Total operating lease payments	37,876
Less:
Imputed interest	(6,155)
Operating lease liabilities	$	31,721

As of March 31, 2022, the weighted average remaining lease term is 8.3 years and the weighted average discount rate used to determine the operating lease liability was 4.8% for leases in Canadian dollars and 2.8% for leases in U.S. dollars.

During the three months ended March 31, 2022, the Company incurred total operating lease expenses of $3,865, which included lease expenses associated with fixed lease payments of $3,828, and variable payments associated with common area maintenance and similar expenses of $37.