Leases

6 Months Ended

Jun. 30, 2022

9. Leases

As of June 30, 2022, the Company leases its office and laboratory facilities under a non-cancelable operating lease entered into in December 2018, which included lease incentives, payment escalations and rent holidays. In addition, the Company has an agreement entered into in April 2019 with a contract manufacturing supplier that is considered an embedded lease because the Company has substantially all the economic benefits of the related asset and can direct its use. The Company had not entered into any financing leases or any short-term operating leases as of June 30, 2022 and December 31, 2021.

The components of lease cost and other information for the Company’s lease portfolio were as follows (in thousands, except term and discount rate amounts):


	THREE MONTHS ENDED JUNE 30,				SIX MONTHS ENDED JUNE 30,
	2022		2021		2022		2021
Lease cost:
Operating lease cost	$	3,760	$	3,273	$	7,520	$	6,534
Variable lease cost		414		679		970		1,003
	$	4,174	$	3,952	$	8,490	$	7,537


	JUNE 30, 2022			DECEMBER 31, 2021
Other information:
Weighted-average remaining lease term (in years)		5.7			6.2
Weighted-average discount rate		7.6	%		7.6	%

Supplemental cash flow information related to the Company’s operating leases was as follows (in thousands):


	SIX MONTHS ENDED JUNE 30,
	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities:
Operating cash flows from operating leases	$	7,403	$	6,249