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 June 30, 2022, the remaining weighted average lease term was 14 years.

During the three months ended June 30, 2022, the accounting commencement began for the Cambridge lease, which increased the right-of-use (“ROU”) assets and lease liabilities by $13,621. ROU assets and lease liabilities were equal as no lease costs or incentives were associated with acquiring the leases. The Company received a lease termination fee of $295 for the early termination of its San Diego lease on May 30, 2022.

On May 19, 2022, the Company entered into an amendment to its New York office lease agreement for 27,198 additional square feet of office space located at 1540 Broadway, New York, New York. Under the terms of the agreement, as amended, subject to specified exceptions, including an approximately 15-month rent abatement period, the Company is obligated to pay an initial base rent of approximately (i) $159 per month following the rent abatement period through December 31, 2027, (ii) $172 per month from January 1, 2028 through December 31, 2032, and (iii) $186 per month from January 1, 2033 through December 31, 2037. The Company estimates that the lease commencement date will occur during the three months ending December 31, 2022 and continue through December 31, 2037.

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 is obligated to pay base rent of approximately $60 per month with a 3% annual rental escalation each year thereafter. 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 eight years after commencement.

Variable and short-term lease costs were immaterial for the six months ended June 30, 2022. Additional details of the Company’s operating leases are presented in the following table:

	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease costs	$	2,830	$	1,417	$	5,290	$	2,887
Cash paid for operating leases		752		1,518		1,301		2,914

Maturities of operating lease liabilities as of June 30, 2022 under noncancelable operating leases were as follows:

Year ending December 31:
Remainder of 2022	$	2,052
2023		10,590
2024		11,292
2025		11,016
2026		10,588
Thereafter		104,525
Total future minimum lease payments		150,063
Less: imputed interest		(54,771	)
Present value of future minimum lease payments		95,292
Less: current portion of operating leases payments		(7,180	)
Lease liabilities, long-term	$	88,112

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.