In April 2019, the Company entered into a twenty-eight-month facility lease agreement for 2,760 square feet of office space in Pacific Palisades, California. The lease commenced on May 1, 2019, included four months of rent abatement and a rent escalation clause and was set to expire on August 31, 2021. In August 2021, the Company exercised its option to extend the term of the lease for an additional three-year period and entered into an amendment to the lease agreement (the “Lease Amendment”). Pursuant to the Lease Amendment, the Company and the landlord agreed to extend the term for an additional period of three (3) years and six (6) months, until February 28, 2025, with an option to renew for an additional three (3) years in accordance with the terms of the lease agreement. Included in the Lease Amendment were nine months of rent abatement and a rent escalation clause. Rent expense is being recorded on a straight-line basis.

The following table summarizes information related to the Company’s lease (amounts in thousands):

	December 31,
	2021		2020
Assets:
Operating lease right-of-use assets	$	557	$	119
Total right-of-use assets	$	557	$	119

Liabilities:
Operating lease liabilities, current	$	131	$	125
Operating lease liabilities, non-current		474		—
Total operating lease liabilities	$	605	$	125

Rent expense related to this lease each of the twelve months ended December 31, 2021 and December 31, 2020 is presented on the following table (amounts in thousands):

	December 31,
	2021		2020
Cash paid included in operating cash flows	$	146	$	195
Operating leases rent expense	$	188	$	183

The future minimum lease payments required under the operating lease as of December 31, 2021, are summarized below (amounts in thousands):

Future Minimum Lease Payments:
2022	$	169
2023		231
2024		238
2025		40
Total minimum lease payments	$	678
Less: amount representing interest		(73	)
Present value of operating lease liabilities	$	605
Less: operating lease liabilities, current		(131	)
Operating lease liabilities, non-current	$	474
Remaining lease term (in years)	3.17
Incremental borrowing rate		6.80	%