Leases

3 Months Ended

Mar. 31, 2023

Leases:

The Company has an operating lease for research laboratories and office space in Burnaby, British Columbia which expires on June 30, 2032. In July 2022, the Company entered into an additional operating lease agreement for office space in Needham, Massachusetts ("Needham Lease"), which commenced on October 1, 2022. The Needham Lease is for a 62-month term and an option to terminate one year prior to the expiry date, which was not considered in the determination of the right-of-use asset and lease liability.

The cost components of the operating leases were as follows for the three months ended March 31, 2023 and 2022:


	Three Months Ended March 31,
	2023			2022
Lease Cost
Operating lease expense	$	412		$	238
Variable lease expense(1)		197			192
Lease Term and Discount Rate
Weighted average remaining lease term (years)		7.98			10.25
Weighted average discount rate		3.92	%		3.42	%

(1)

Variable lease costs are payments that vary because of changes in facts or circumstances and include common area maintenance and property taxes related to the premises. Variable lease costs are excluded from the calculation of minimum lease payments.

Future minimum lease payments as of March 31, 2023 were as follows:


Year ending December 31:
2023	$	1,218
2024		1,680
2025		1,748
2026		1,816
2027		1,803
2028 and thereafter		5,300
Total future minimum lease payments	$	13,565
Less: imputed interest		(1,938	)
Present value of lease liabilities	$	11,627