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):

	March 31,		December 31,
	2022		2021
Assets:
Operating lease right-of-use asset	$	518	$	557

Liabilities:
Operating lease liabilities, current	$	163	$	131
Operating lease liabilities, non-current		424		474
Total operating lease liabilities	$	587	$	605

Rent expense related to this lease for each of the three months ended March 31, 2022 and 2021 is presented on the following table (amounts in thousands):

	Three Months Ended March 31,
	2022		2021
Cash paid included in operating cash flows	$	28	$	54
Operating leases rent expense	$	50	$	46

The future minimum lease payments required under the operating lease as of March 31, 2022, are summarized below (amounts in thousands):

Future Minimum Lease Payments:
2022	$	139
2023		231
2024		238
2025		40
Total minimum lease payments	$	648
Less: amount representing interest		(61	)
Present value of operating lease liabilities	$	587
Less: operating lease liabilities, current		(163	)
Operating lease liabilities, non-current	$	424
Remaining lease term (in years)		2.92
Incremental borrowing rate		6.80	%