Leases

12 Months Ended

Mar. 31, 2023

11. Leases

The Company has entered into operating leases for its corporate offices, lab facilities and storage spaces, with remaining contractual periods ranging from 2.8 years to 8.3 years. In February 2023, the Company entered into an operating lease amendment to extend the lease term of its South San Francisco, California lab facility for two years, which resulted in $9.3 million of non-cancellable future minimum lease payments and a revised lease term through January 2027. For the Company’s facility in Sunnyvale, California, there is an option to extend the lease for a period of seven years. The Company is not reasonably certain that it will exercise this option and therefore it is not included in its ROU assets and lease liabilities as of March 31, 2023. The Company did not have any finance leases for all the periods presented.

The components of lease costs and other information related to leases were as follows:


	Year Ended March 31,
	2023			2022			2021
	(in thousands, except years and percentages)
Operating lease cost	$	13,650		$	13,640		$	13,614
Variable lease cost		5,422			6,425			5,809
Total lease cost	$	19,072		$	20,065		$	19,423

Cash paid for amounts included in the measurement of operating lease liabilities, net	$	(14,941	)	$	(13,490	)	$	(10,334	)
ROU assets obtained in exchange for new operating lease obligations	$	7,930		$	—		$	12,803

Weighted average remaining lease term (years)		7.5			8.4			9.2
Weighted average discount rate		8	%		7	%		7	%

As of March 31, 2023, the future minimum lease payments included in the measurement of the Company’s operating lease liabilities were as follows:


	As of March 31, 2023
	(in thousands)
Fiscal years ending March 31,
2024	$	13,800
2025		15,474
2026		15,946
2027		15,472
2028		11,666
Thereafter		41,430
Total future operating lease payments		113,788
Less: imputed interest		(28,484	)
Total operating lease liabilities	$	85,304