In August 2019, the Company leased new office space for its headquarters location under an operating lease. This lease commenced in November 2019 after the completion of certain tenant improvements made by the lessor. The lease includes an option to renew for a five-year term as well as an option to terminate after three years, neither of which have been recognized as part of its related right of use assets or lease liabilities as their election is not considered reasonably certain. Further, this lease does not include any material residual value guarantee or restrictive covenants.

At December 31, 2021, and 2020, the weighted average incremental borrowing rate for operating leases held by the Company were 13.1%. At December 31, 2021, and 2020, the weighted average remaining lease terms for the operating leases held by the Company were 3.1 years and 4.1 years, respectively.

Maturities of lease liabilities for the Company’s operating leases as of December 31, 2021, were as follows (in thousands):

2022	$	261
2023		268
2024		275
2025		23
2026		—
Thereafter		—
Total lease payments		827
Less: imputed interest		(151	)
Present value of lease liabilities	$	676

Operating lease cost was $0.2 million, $0.2 million and $0.4 million for the years ended December 31, 2021, 2020 and 2019, respectively. During the year ended December 31, 2021, cash paid for operating leases was $0.3 million.

The Company had recognized an asset retirement obligation for an obligation in its former facility lease, which expired in December 2019, that required the Company to return the property to the same or similar condition at the end of the lease as existed when the Company began using the facility. As no amounts were required to be paid upon exit of the lease, the asset retirement obligation of $ 0.3 million was reversed during the year ended December 31, 2020.