The Company leases its headquarters with its main offices and laboratory facilities in Redwood City and San Carlos, California.

In November 2021, the Company entered into a four-year lease for additional lab space located in San Carlos, California which is expected to commence in September 2022. Total future rent payments under the agreement amount to approximately $2.2 million. The Company has not recognized a right-of-use asset or aggregate lease liability as of March 31, 2022 for this lease as the Company did not control the underlying assets at any time as of March 31, 2022.

In September 2021, the Company entered into a sub-lease agreement for additional office space in Redwood City, California, which commenced in January 2022 and expires in December 2022. In connection with the sub-lease, the Company made a security deposit of $1.1 million which is included in prepaid expenses and other current assets on the balance sheet at March 31, 2022. This lease is treated as a short-term lease in accordance with ASC 842 and therefore, is excluded from the right-of-use asset and liability.

In March 2021, the Company entered into a five-year lease for new lab space located in San Carlos, California, which commenced on May 1, 2021 and expires in April 2026. The lease was accounted for as an operating lease under ASC 842. Upon initiation, the Company recognized a right-of-use asset and liability of $3.2 million, discounted at 5.4%, the Company’s estimated incremental borrowing rate over the five-year expected remaining term.

In February 2021, the Company entered into an eight-month sub-lease agreement for additional office space located in Redwood City, California. In September 2021, the Company renewed the lease agreement on a month-to-month basis and the lease ended in January 2022. This lease was treated as a short-term lease in accordance with ASC 842 and therefore, is excluded from the right-of-use asset and liability.

Cash paid for amounts included in the measurement of lease liabilities for the three months ended March 31, 2022 and 2021 was $0.2 million and zero, respectively.

Operating lease expense for the three months ended March 31, 2022 and 2021 was $1.1 million and $0.1 million, respectively.

As of March 31, 2022, the weighted-average remaining lease term is 4.1 years and the weighted-average discount rate is 5.4%.

The undiscounted future non-cancellable lease payments under the Company's lease agreements as of March 31, 2022 were as follows (in thousands):


	Operating Lease
Year Ending December 31,	Commitments
2022 (remaining nine months)	$	533
2023		727
2024		748
2025		771
2026		259
Total undiscounted lease payments		3,038
Less: Present value adjustments		(323	)
Total operating lease liabilities	$	2,715
Short-term operating lease liabilities		578
Long-term operating lease liabilities		2,137
Total operating lease liabilities	$	2,715