Commitments and Contingencies

3 Months Ended

Mar. 31, 2024

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingencies

5. COMMITMENTS AND CONTINGENCIES

Facilities Lease Agreements

In January 2022, the Company entered into a new 8-year office lease agreement for a 20,116 square feet facility in Brisbane, California (“Brisbane Lease”). The lease commenced in December 2022.

As of March 31, 2024 and December 31, 2023, the balance of the operating lease right of use assets were $9,513 and $9,952, respectively, and the related operating lease liability were $9,773 and $10,112, respectively, as shown in the accompanying consolidated balance sheets.

Rent expense was $685 and $710 for the three months ended March 31, 2024 and 2023, respectively.

As of March 31, 2024, future minimum lease payments under the Company's operating lease liabilities were as follows:

Year Ending	Total Commitment
2024 (excluding three months ended March 31, 2024)	$	1,446
2025		1,861
2026		1,926
2027		1,994
2028 and beyond		6,410
Total minimum lease payments		13,637
Less: imputed interest		(3,864	)
Present value of operating lease obligations		9,773
Less: current portion		(858	)
Noncurrent operating lease obligations	$	8,915

Related to this Brisbane Lease agreement, the Company entered into a letter of credit with a bank to deposit $388 in a separate account that is classified as restricted cash to serve as security rent deposit. This amount is included in other noncurrent assets in the accompanying consolidated balance sheets as of March 31, 2024.