The Company has operating leases for corporate offices, operations and research and development facilities. These leases have remaining lease terms of 1 to 10 years. The lease of operations and research and development facilities includes costs for utilities and common area maintenance which are not included in the calculation of lease payments.

On March 15, 2022, the Company executed a lease for an 82,000 square foot facility in Vista, California. The term of the lease is 126 months with options to extend five years and includes lease incentives of an initial rent-free period. The Company is obligated to make monthly rent payments of approximately $1.3 million per year over the term of the lease. The Company took possession of the facility on April 1, 2022 to begin tenant improvements and expects completion and assumption of full occupancy by the end of June 2023. Under the terms of the operating lease, the Company has been provided tenant improvement allowances of up to $0.8 million. In conjunction with and under the terms of the operating lease agreement, the Company entered into a $1.2 million Standby Letter of Credit as guarantee of the Company’s payment of the tenant improvements and on-going rent payments over the term of the lease. The Company has accounted for the lease as an operating lease as of April 1, 2022, the commencement date under ASC Topic 842, Leases, and has recorded a right-of use asset in the amount of $8.1 million, representing the Company’s right to use the underlying asset over the lease term and an offsetting lease liability of the same amount, representing the Company’s obligation to make lease payments arising from the lease.

On June 15, 2022, the Company executed a lease for a 20,400 square foot facility in Berkeley, California. The term of the lease is 99 months with an option to extend 84 months and includes lease incentives of an initial rent-free period. The Company took possession of the facility on June 15, 2022 to begin tenant improvements and expects completion and assumption of full occupancy by March 2023. Under the terms of the operating lease, the Company has been provided tenant improvement allowances of up to $4.1 million. In conjunction with and under the terms of the operating lease agreement, the Company entered into a $0.7 million Standby Letter of Credit as guarantee of the Company’s payment of the tenant improvements and on-going rent payments over the term of the lease. The average annual rent over the term of the lease is approximately $1.8 million per year. The Company has accounted for the lease as an operating lease as of June 15, 2022, the commencement date under ASC Topic 842, Leases, and has recorded a right-of use asset in the amount of $8.6 million, representing the Company’s right to use the underlying asset over the lease term and an offsetting lease liability, representing the Company’s obligation to make lease payments arising from the lease.

Leases with an initial term of 12 months or less or those with an estimated lease liability less than a specified amount, are not recorded on the condensed balance sheets, and the Company recognizes lease expense for these leases on a straight-line basis over the lease terms. Operating leases with terms greater than 12 months are included in operating lease ROU assets and operating lease liabilities in the Company’s condensed balance sheets as of June 30, 2022 and December 31, 2021. Lease expense for lease payments is recognized on a straight-line basis over the lease term.

Maturities of lease liabilities as of June 30, 2022, are as follows:


	Operating
	Leases
Year ending December 31:
2022	$	944
2023		2,991
2024		2,922
2025		2,899
2026		2,994
Thereafter		17,010
Total		29,760
Less: imputed interest		(10,748	)
Present value of operating lease liabilities		19,012
Less: current portion		(2,185	)
Operating lease liabilities, net of current portion	$	16,827

The Company made operating lease payments of $1.1 million and $0.2 million during the six months ended June 30, 2022 and 2021, respectively, which are included as cash flow from operating activities on the condensed statements of cash flows.

Additional information related to the Company’s leases was as follows:


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Operating lease cost	$	872	$	109	$	1,324	$	218
Short-term lease cost	$	320	$	312	$	323	$	627


	June 30, 2022			December 31, 2021
Weighted-average remaining lease term (years)		8.95			1.82
Weighted-average discount rate		9.36	%		7.15	%

In March 2022, the Company executed an amendment with the lessor of two of its facility leases which included an extension of the expiration date of the original leased premise for one location and a reduction of the lease term on another location, such that the lease terms are coterminous on June 30, 2022. Upon the execution of the amendment, which was deemed to be a lease modification, the Company remeasured the lease liability and corresponding right-of-use asset as of the effective date of the amendment to reflect the extended term and recorded $0.2 million a reduction of the respective right-of-use assets and lease liabilities as of the effective date of the amendments.