The Company leases office space under operating leases that expire at various dates through 2037. The Company has elected the package of practical expedients under the transition guidance of ASC Topic 842, Leases, to exclude short-term leases from the balance sheet and to combine lease and non-lease components.

Upon inception of a lease, the Company determines if an arrangement is a lease, if it includes options to extend or terminate the lease, and if it is reasonably certain that the Company will exercise the options. Lease cost, representing lease payments over the term of the lease and any capitalizable direct costs less any incentives received, is recognized on a straight-line basis over the lease term as lease expense.

In determining the present value of lease payments, the Company uses its incremental borrowing rate based on the information available at the lease commencement date if the rate implicit in the lease is not readily determinable. Upon execution of a new lease, the Company performs an analysis to determine its incremental borrowing rate using its current borrowing rate, adjusted for various factors including level of collateralization and lease term. As of March 31, 2022, the remaining weighted average lease term was 15 years.

During the three months ended March 31, 2022, right-of-use (“ROU”) assets increased by $1,146 due to the accounting commencement of two new leases and by $2,828 due to a contingency resolution associated with the Company’s New York office lease. There were no lease costs or incentives associated with acquiring the leases.

On November 1, 2021, the Company entered into an office lease agreement for 16,727 square feet of office space located at One Main Street, Cambridge, Massachusetts. Under the terms of the agreement, the Company will pay base rent of approximately $135 per month with a 3% annual rental escalation. The Company estimates that the lease commencement date will occur during the three months ending June 30, 2022 and continue to the end of the lease, which is 10 years after commencement.

On March 8, 2022, the Company entered into an office lease agreement for 15,045 square feet of office space located at 9868 Scranton Road, San Diego, California. Under the terms of the agreement, the Company will pay base rent of approximately $103 per month for the first year of the lease. Beginning the second year of the lease, the Company will pay base rent of approximately $61 per month with a 3% annual rental escalation. The Company estimates that the lease commencement date will occur during the three months ending March 31, 2023 and continue to the end of the lease, which is 8 years after commencement.

Variable and short-term lease costs were immaterial for the three months ended March 31, 2022. Additional details of the Company’s operating leases are presented in the following table:

	Three Months Ended March 31,
	2022		2021
Operating lease costs	$	2,460	$	1,470
Cash paid for operating leases		549		1,396

Maturities of operating lease liabilities as of March 31, 2022 under noncancelable operating leases were as follows:

Year ending December 31:
Remainder of 2022	$	1,850
2023		8,960
2024		9,605
2025		9,236
2026		8,754
Thereafter		93,655
Total future minimum lease payments		132,060
Less: imputed interest		(50,556	)
Present value of future minimum lease payments		81,504
Less: current portion of operating leases payments		(4,151	)
Lease liabilities, long-term	$	77,353

From time to time, the Company may become involved in routine litigation arising in the ordinary course of business. While the results of such litigation cannot be predicted with certainty, management believes that the final outcome of such matters is not likely to have a material adverse effect on the Company’s financial position or results of operations or cash flows.