The Company has lease agreements for office, laboratory and manufacturing spaces that are classified as operating leases on the unaudited condensed consolidated balance sheets. These leases have terms varying from one to approximately sixteen years, with renewal options of up to ten years, as well as early termination options. Extension and termination options are included in the total lease term when the Company is reasonably certain to exercise them. The leases are subject to additional variable charges, including common area maintenance, property taxes, property insurance and other variable costs. Given the variable nature of such costs, they are recognized as expense as incurred. Additionally, some of the Company’s leases are subject to certain fixed fees which the Company has determined to be non-lease components. The Company has elected to combine and account for lease and non-lease components as a single-lease component for purposes of determining the total future lease payments.

As of June 30, 2022, future undiscounted minimum contractual payments under the Company’s operating leases were $185.3 million, which will be paid over a remaining weighted-average lease term of 11.9 years. The weighted-average discount rate for the operating lease liabilities was 8.19%, which was the Company’s incremental borrowing rate at lease commencement, as the discount rates implicit in the leases could not be readily determined.

The components of lease expense were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Straight-line lease expense	$	3,865	$	3,541	$	7,680	$	7,075
Variable lease expense		678		356		1,295		591
Total operating lease expense	$	4,543	$	3,897	$	8,975	$	7,666

No short-term lease expense was recognized during the three and six months ended June 30, 2022 and 2021.

Future minimum lease payments under the Company’s operating leases as of June 30, 2022 are as follows (in thousands):


	Operating Lease Payments
Remaining in 2022	$	7,713
2023		14,498
2024		14,836
2025		15,087
2026		15,540
2027		16,006
Thereafter		101,636
Total undiscounted lease payments	$	185,316
Less: imputed interest		(73,012	)
Total lease liability	$	112,304