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Leases

3 Months Ended

Mar. 31, 2022

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. In November 2021, the Company entered into an agreement to extend the lease for an additional 10-year term to June 30, 2032.

The cost components of the operating lease were as follows for the three months ended March 31, 2022 and 2021:

	Three Months Ended March 31,
	2022			2021
Lease Cost
Operating lease expense	$	238		$	139
Variable lease expense⁽¹⁾		192			184
Lease Term and Discount Rate
Remaining lease term (years)		10.25		6.25
Discount rate		3.42	%		2.45	%

⁽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, 2022 were as follows:

Year ending December 31:
2022	$	682
2023		942
2024		985
2025		1,040
2026		1,095
2027 and thereafter		6,868
Total future minimum lease payments	$	11,612
Less: imputed interest		(1,904	)
Less: future lease incentives reasonably certain of use⁽¹⁾		(1,484	)
Present value of lease liabilities	$	8,224

⁽¹⁾

^{The future lease incentives are expected to be utilized within the next twelve months.}