In June 2021, the Company entered into a lease agreement for a new office space in South San Francisco, California. The lease has an initial term of seven years, beginning on the lease commencement date of March 25, 2022, with an option to extend the lease for an additional period of five years. Under the terms of the lease, the Company is required to maintain a letter of credit for the benefit of the landlord in the amount of $0.2 million, commencing on the effective date of the agreement until the expiration of the lease. The deposit related to the letter of credit is included within restricted cash in the condensed consolidated balance sheets.

The Company leased its former headquarters with its main offices and laboratory facilities in South San Francisco under a sublease agreement that ended in April 2022.

As of June 30, 2022, the Company had recorded an aggregate operating lease ROU asset of $13.8 million and an aggregate operating lease liability of $13.9 million in the accompanying unaudited condensed consolidated balance sheet. As of June 30, 2022, the weighted-average remaining lease term was 6.8 years and the weighted-average incremental borrowing rate used to determine the operating lease liability was 10.0%.

As of June 30, 2022, the future minimum payments under operating lease liabilities were as follows (in thousands):


	Amount
2022 (remaining six months)	$	1,306
2023		2,665
2024		2,738
2025		2,814
2026		2,891
Thereafter		6,792
Total undiscounted lease payments		19,206
Less: imputed interest		(5,306	)
Total lease liabilities		13,900
Less: lease liabilities – current portion		1,320
Lease liabilities – noncurrent portion	$	12,580

Operating lease cost for the three and six months ended June 30, 2022 was $0.8 million and $1.2 million, respectively.