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 October 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 June 30, 2022 for this lease as the Company did not control the underlying assets at any time as of June 30, 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 June 30, 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 six months ended June 30, 2022 and 2021 was $0.3 million and $0.1 million respectively.

Operating lease expense for the three and six months ended June 30, 2022 was $1.0 million and $2.1 million , respectively. Operating lease expense for the three and six months ended June 30, 2021 was $0.3 million and $0.5 million , respectively.

As of June 30, 2022, the weighted-average remaining lease term is 3.8 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 June 30, 2022 were as follows (in thousands):


	Operating Lease
Year Ending December 31,	Commitments
2022 (remaining six months)	$	356
2023		727
2024		748
2025		771
2026		259
Total undiscounted lease payments		2,861
Less: Present value adjustments		(286	)
Total operating lease liabilities	$	2,575
Short-term operating lease liabilities		591
Long-term operating lease liabilities		1,984
Total operating lease liabilities	$	2,575