Leases

3 Months Ended

Mar. 31, 2022

Leases [Abstract]

Leases

7. Leases

As of March 31, 2022, we had an operating lease for 52,148 square feet of laboratory and office space in San Diego, California, with a lease term that expires on December 31, 2025. In October 2021, we entered into a sublease agreement to sublet 23,873 square feet of laboratory and office space. The space was delivered to the subtenant in March 2022. As a result of the sublease agreement, our one 5-year option to renew this lease on expiration applies only with respect to our remaining 28,275 square feet of laboratory and office space. During the three months ended March 31, 2022, we recognized $0.7 million of operating lease expense and we paid $0.7 million for our operating lease.

Annual future minimum lease payments as of March 31, 2022 are as follows (in thousands):

2022	$	2,168
2023		2,970
2024		3,030
2025		3,097
Total future minimum lease payments	$	11,265
Less: discount		(1,390	)
Total lease liabilities	$	9,875