Leases

6 Months Ended

Jun. 30, 2022

5. Leases

The Company leases office and laboratory space in Seattle, Washington. The components of lease expense and related cash flows were as follows (in thousands):


	Three Months Ended June 30,				Six Months Ended June 30,
	2022		2021		2022		2021
Lease expense
Operating lease expense	$	362	$	347	$	718	$	694
Variable lease expense	119		106		254		212
Total lease expense	$	481	$	453	$	972	$	906
Operating cash outflows from operating leases	$	503	$	413	$	1,021	$	834

The weighted-average remaining term on the Company’s leases was 4.3 years as of June 30, 2022. To compute the present value of the lease liabilities, the Company used a weighted average discount rate of 7.4% as of June 30, 2022.

Future minimum commitments due under the operating lease agreements as of June 30, 2022 are as follows (in thousands):


Years Ending December 31,	Amount
2022 (remaining 6 months)	$	561
2023		1,310
2024		1,348
2025		1,388
Thereafter		1,186
Total undiscounted lease payments		5,793
Present value adjustment		(847	)
Total present value of lease payments	$	4,946

On July 1, 2021, the Company entered into a sublease agreement for additional office space in Seattle, Washington. The commencement date of the sublease was August 1, 2021. The contractual term of the sublease is two years with an option to extend for one additional year and an option to terminate after one year subject to a termination fee. On May 2, 2022, the Company sent a notice of termination of the sublease agreement to be effective on August 1, 2022. Due to the change in lease term, the Company remeasured the ROU asset and lease liability as of May 2, 2022 and, as a result, reduced the ROU asset and lease liability by $0.3 million.