Leases

9 Months Ended

Sep. 30, 2022

7. LEASES

Net lease cost recognized for 2022 is summarized as follows (in thousands):


	Three Months Ended September 30,			Nine Months Ended September 30,
Operating lease cost	$	594		$	1,734
Sublease income		(482	)		(1,446	)
Net lease cost	$	112		$	288

As of September 30, 2022, the maturities of the lease liabilities based on minimum lease commitment amount are as follows (in thousands):


Remainder of 2022	$	743
2023		2,999
2024		3,022
2025		1,880
2026		-
Total minimum lease payments		8,644
Less: Imputed interest		(1,475	)
Present value of operating lease liabilities		7,169
Less: Current portion of operating lease liabilities		(2,689	)
Non-current operating lease liabilities	$	4,480

In July 2022, the Company entered into a lease amendment to increase the amount of leased office space in its Brisbane, California, headquarters. The lease includes renewal options for the Company. As of September 30, 2022, the Company had not executed any finance leases that were yet to commence.

As of September 30, 2022, the weighted-average remaining operating lease term was 2.8 years and the weighted-average discount rate was 9.0% for operating leases recognized in the condensed financial statements.

In accordance with ASC 840, Leases, the aggregate minimum non-cancellable annual lease payments for operating leases in effect as of December 31, 2021, were as follows (in thousands):


	Operating Leases (1)		Sublease Income
2022	$	2,669	$	1,901
2023		2,755		1,964
2024		2,818		2,029
2025		1,954		1,569
Total minimum lease payments	$	10,196	$	7,463

(1) Future minimum lease payments include repayment of outstanding restructuring liabilities.