Leases

9 Months Ended

Sep. 30, 2022

Note 6. Leases

In May 2021, the Company entered into an operating lease agreement for its principal office in Menlo Park, California. In September 2021, the lease was amended to extend the term to expire in August 2022. In July 2022, the lease was further amended to exercise a renewal option and extend the term to expire in August 2023. Under the lease agreement, the Company has two 12-month renewal options through August 2025.

The Company has not entered into any finance lease agreements as of September 30, 2022.

The following table summarizes maturities of lease liabilities and the reconciliation of lease liabilities as of September 30, 2022 (in thousands):


	Operating Leases
2022 (remaining three months)	$	20
2023 and thereafter		54
Total future undiscounted lease payments		74
Less: Imputed interest		(1	)
Total Lease Liabilities	$	73

The following table summarizes total lease expense during the three and nine months ended September 30, 2022 (in thousands):


	Condensed Statements of Operations and Comprehensive Loss Classification	Three Months Ended September 30, 2022		Nine Months Ended September 30, 2022
Operating lease expense	Operating expenses	$	21	$	57
Short-term lease expense	Operating expenses		18		54
Total lease expense		$	39	$	111

Rent expense was insignificant during the three and nine months ended September 30, 2021.

The Company paid $0.02 million and $0.06 million in operating cash flows from operating leases for amounts included in the measurement of liabilities during the three and nine months ended September 30, 2022, respectively.

As of September 30, 2022, the weighted-average remaining lease and discount rate term for operating leases was 0.92 years and 5.1%, respectively.