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

In September 2022, the Company entered into a thirty-month sub-lease agreement for office space located at 900 Middlefield Road, Suite 400, Redwood City, California, which is expected to commence in January 2023 and expires in July 2025. Total future rent payments under the agreement amount to approximately $6.8 million. The Company has not recognized a right-of-use asset or aggregate lease liability as of September 30, 2022 for this lease as the Company did not control the underlying assets at any time as of September 30, 2022.

In November 2021, the Company entered into a four-year lease for additional lab space located located at 1585 Industrial Road, San Carlos, California, which is expected to commence in the fourth quarter of 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 September 30, 2022 for this lease as the Company did not control the underlying assets at any time as of September 30, 2022.

In September 2021, the Company entered into a sub-lease agreement for office space located at 900 Middlefield Road, Suite 400, 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 September 30, 2022. The Company has elected to apply the short-term lease exception in accordance with ASC 842.

In March 2021, the Company entered into a five-year lease for new lab space located at 1599 Industrial Road, 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 at 650 Main Street, 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. The Company has elected to apply the short-term lease exception in accordance with ASC 842.

Cash paid for amounts included in the measurement of lease liabilities for the nine months ended September 30, 2022 and 2021 was $0.5 million and $0.2 million, respectively.

Operating lease expense for the three and nine months ended September 30, 2022 was $1.0 million and $3.1 million, respectively. Operating lease expense for the three and nine months ended September 30, 2021 was $0.4 million and $0.8 million, respectively.

As of September 30, 2022, the weighted-average remaining lease term is 3.6 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 September 30, 2022 were as follows (in thousands):


	Operating Lease
Year Ending December 31,	Commitments
2022 (remaining three months)	$	178
2023		727
2024		748
2025		771
2026		259
Total undiscounted lease payments		2,683
Less: Present value adjustments		(252	)
Total operating lease liabilities	$	2,431
Operating lease liabilities, current		605
Operating lease liabilities, non-current		1,826
Total operating lease liabilities	$	2,431