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Leases

9 Months Ended

Sep. 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 nine months ended September 30, 2021 and 2020:

	Three Months Ended September 30,						Nine Months Ended September 30,
	2021			2020			2021			2020
Lease Cost
Operating lease expense	$	140		$	151		$	419		$	411
Variable lease expense⁽¹⁾		185			137			559			404
Lease Term and Discount Rate
Remaining lease term (years)		5.75		1.5				5.75		1.5
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 September 30, 2021 were as follows:

Year ending December 31:
2021	$	203
2022		697
2023		571
2024		571
2025 and thereafter		1,428
Total future minimum lease payments	$	3,470
Less: imputed interest		(226	)
Present value of lease liabilities	$	3,244