Commitments and Contingencies

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Operating Leases

The Company’s operating leases consist of leased facilities for the Company’s headquarter offices, laboratory, and manufacturing space. Also included in operating leases are leases for vehicles, for use by certain employees of the Company, which were not material for the periods presented.

The weighted average remaining lease term and discount rate used to measure the Company’s operating lease liabilities were 9.7 years and 5.0%, respectively. The Company estimated the discount rate using the incremental borrowing rate as the rate implicit in the lease was not readily determinable.

Short-term leases are leases having a term of 12 months or less. The Company recognizes short-term leases on a straight-line basis and does not record a related lease asset or liability for such leases. As of March 31, 2022, the Company has no material finance leases. Operating lease cost was $1.2 million and $0.6 million, for the three months ended March 31, 2022 and 2021, respectively.

The following are minimum future rental payments owed under these agreements which have commenced as of March 31, 2022:


Year ending December 31,	(in thousands)
2022 (remainder)	$	2,602
2023	4,194
2024	4,289
2025	4,415
2026	4,545
Thereafter	24,664
Total minimum lease payments	$	44,709
Less: imputed interest and adjustments	(11,054)
Total lease liability	$	33,655

The total minimum future rental payments owed for the 5403 Betsy Ross facility under the terms of the Lease Amendment which has not yet commenced as of March 31, 2022 is $10.8 million.