In November 2022, the Company entered into an amendment to the lease agreement for its corporate headquarters in South San Francisco, California, which expanded the leased premises in the same building as its corporate headquarters and extended the lease term of the original premises to be coterminous with the expansion premises to July 31, 2026. The transaction was treated as a lease modification as of the effective date and resulted in the recognition of approximately $8.0 million in new lease liabilities and ROU assets.

In December 2023, the Company committed to a plan to sublease Suite 400 of its corporate headquarters in connection with a workforce reduction (see Note 14) and evaluated the recoverability of ROU asset by comparing the carrying amount of the asset to future net undiscounted cash flows associated with the asset. The ROU asset is considered to be impaired if the carrying amount of the assets exceeds the fair value of the assets. Consequently, the Company recognized a $2.7 million impairment charge in 2023. In June 2024, the Company recognized an additional $1.5 million impairment charge in relation to Suite 400 to write off the net book value of the ROU asset as of June 30, 2024 as the estimated future cash flow from sublease income is zero due to current market conditions.

Information related to the Company’s lease liabilities were as follows (in thousands):


	Three months ended June 30, 2024		Six months ended June 30, 2024
Cash paid for operating lease liabilities	$	741	$	1,452
Operating lease costs		655		1,322
Variable lease costs		467		916

Maturities of lease liabilities as of June 30, 2024 were as follows:
Less than 12 months			$	3,957
13 - 24 months				4,095
25 - 36 months				347
Total undiscounted lease payments				8,399
Less: imputed interest				(987	)
Total lease liabilities			$	7,412

Operating lease liabilities, current			$	3,260
Operating lease liabilities, noncurrent				4,152
Total operating lease liabilities			$	7,412