On February 9, 2022, the Company entered into a 10-year operating lease for a new corporate headquarters building in Ponte Vedra, Florida, with a lease commencement date of March 1, 2022. The Company's obligation to make rental payments on the new headquarters building is expected to begin during the third quarter of 2022.

The Company’s leases contain various options to renew, none of which the Company is reasonably certain to exercise. The lease agreements do not contain any residual value guarantees or restrictive covenants. For the new headquarters lease, the Company is provided a tenant improvement allowance for the construction of leasehold improvements. In exchange for construction management and supervision services related to these improvements, the Company pays the lessor a fee equal to one and a half percent (1.5%) of total construction costs.

In addition to base rent, the Company will pay variable costs related to its share of operating expenses under certain of its lease arrangements. These variable costs are recorded as lease expense as incurred and presented as operating expenses in the statements of operations and comprehensive loss. No variable costs have been incurred as of June 30, 2022.

Rent expense was $0.1 million and $0.3 million for the three and six months ended June 30, 2021, respectively.

Operating lease cost was $0.7 million and $1.1 million for the three and six months ended June 30, 2022, respectively. During the three and six months ended June 30, 2022, cash paid for amounts included in operating lease liabilities of $0.1 million and $0.3 million, respectively, was included in cash flows from operating activities on the condensed statements of cash flows.

The following table summarizes future minimum lease payments on operating leases as of December 31, 2021 (in thousands):


Fiscal Year
2022	$	627
2023		444
2024		458
2025		472
2026		321
Total	$	2,322

The following table summarizes a maturity analysis of operating lease liabilities showing the aggregate lease payments as of June 30, 2022 (in thousands):


Fiscal Year
2022 remaining *	$	(430)
2023		2,223
2024		2,996
2025		3,426
2026		3,344
Thereafter		17,839
Total undiscounted lease payments		29,398
Less: imputed interest		(11,204)
Total discounted lease payments		18,194
Less: Current portion of lease liability		(383)
Noncurrent portion of lease liability	$	17,811

* Includes the tenant improvement allowance