In February 2018, as amended in March 2018, the Company entered into a non-cancelable operating lease for a new facility in San Diego, California. The lease has an initial term of seven years which expires in August 2025, and the Company has an option to extend the term of the lease for an additional five years and has a termination option subject to early termination fees. The lease is subject to base lease payments and additional charges for common area maintenance and other costs and includes certain lease incentives and tenant improvement allowances. The Company’s estimated incremental fully collateralized borrowing rate of 8.0% was used in its present value calculation as the facility lease does not have a stated rate and the implicit rate was not readily determinable.

Under the terms of the lease, the Company provided the lessor with an irrevocable letter of credit in the amount of $0.5 million. The lessor is entitled to draw on the letter of credit in the event of any default by the Company under the terms of the lease.

As of June 30, 2022, future minimum payments under non-cancellable operating leases were as follows (in thousands):


Year ending December 31,	Minimum Payments
2022 (6 months)	$	610
2023		1,244
2024		1,280
2025		871
Total future minimum lease payments		4,005
Less imputed interest		(447	)
Total operating lease liability		3,558
Less operating lease liability, current		(993	)
Operating lease liability, non-current	$	2,565

Lease cost is recorded on a straight-line basis over the term of the Company’s facility lease. Rent expense was $0.3 million and $0.6 million for the three and six months ended June 30, 2022, respectively, and $0.3 million and $0.6 million for the three and six months ended June 30, 2021, respectively. As of June 30, 2022 and December 31, 2021, the Company’s operating lease weighted average remaining term was 3.1 and 3.6 years, respectively. As of June 30, 2022 and December 31, 2021, the Company’s weighted-average discount rate was 8%.

Cash paid for amounts included in the measurement of lease liabilities for operating cash flow from operating leases was $0.3 million and $0.6 million for each of the three and six months ended June 30, 2022 and June 30, 2021, respectively.