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Leases

6 Months Ended

Jun. 30, 2021

Leases:

The Company has one operating lease for research laboratories and office space in Burnaby, British Columbia. In October 2020, the Company entered into a lease amendment for a 21–month committed term from October 1, 2020 to June 30, 2022 and a renewal option for a portion of the facility for a 5-year term that was reasonably certain of exercise was included in the determination of the right-of-use asset and lease liability.

The cost components of the operating lease were as follows for the three and six months ended June 30, 2021 and 2020:

	Three Months Ended June 30,						Six Months Ended June 30,
	2021			2020			2021			2020
Lease Cost
Operating lease expense	$	140		$	151		$	279		$	260
Variable lease expense⁽¹⁾		190			132			374			267
Lease Term and Discount Rate
Remaining lease term (years)		6.00		1.75				6.00		1.75
Discount rate		2.45	%		3.75	%		2.45	%		3.75	%

⁽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 June 30, 2021 were as follows:

Year ending December 31:
2021	$	416
2022		713
2023		584
2024		584
2025 and thereafter		1,460
Total future minimum lease payments	$	3,757
Less: imputed interest		(252	)
Present value of lease liabilities	$	3,505