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Leases
 9 Months Ended
Sep. 30, 2020
Leases [Abstract]  
Leases Leases
Operating leases consisted of the following:
AddressTypeSquare FeetCommencement DateExpiration Date
12780 El Camino Real (1)
Office/Laboratory141,000 August 7, 2019July 31, 2031
12790 El Camino Real, Suite 130 (1)
Office2,000 December 1, 2019July 31, 2031
12790 El Camino Real, Suite 150 (1)
Office8,000 August 7, 2019July 31, 2031
12790 El Camino Real, Suite 300 (1)
Office28,000 December 1, 2019July 31, 2031
12777 High Bluff DriveOffice45,000 July 1, 2018July 31, 2029
12790 El Camino Real, Suite 200 (1)
Office28,000 February 1, 2021July 31, 2031
12790 El Camino Real, Suite 100 (1)
Office17,000 February 1, 2021July 31, 2031
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(1) Under the terms of the 12780/12790 El Camino Real master lease, we have two options to extend the term of the lease for a period of ten years each. We were not reasonably certain to exercise either of these options at lease commencement. As such, neither option was recognized as part of the associated operating lease right-of-use asset or liability.
Note: In connection with our operating leases, in lieu of cash security deposits, Wells Fargo Bank, N.A., issued letters of credit on our behalf, which are secured by deposits totaling $3.2 million.
Our operating lease cost was $7.4 million and $5.9 million for the nine months ended September 30, 2020 and 2019, respectively. Cash paid for amounts in the measurement of lease liabilities for operating cash flows from operating leases was $6.4 million and $5.5 million for the nine months ended September 30, 2020 and 2019, respectively.
Our operating leases had a weighted average remaining lease term of approximately 10.5 years and 11.2 years at September 30, 2020 and December 31, 2019, respectively, and a weighted average discount rate of 5.8% at September 30, 2020 and December 31, 2019, respectively.
Approximate future minimum lease payments under operating leases were as follows:
(in millions)September 30,
2020
Year ending December 31, 2020 (3 months remaining)
$2.1 
Year ending December 31, 2021
10.6 
Year ending December 31, 2022
10.9 
Year ending December 31, 2023
11.2 
Year ending December 31, 2024
11.6 
Thereafter79.7 
Total operating lease payments126.1 
Less accreted interest33.4 
Total operating lease liabilities92.7 
Less current operating lease liabilities9.7 
Noncurrent operating lease liabilities$83.0 
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Note: Amounts presented in the table above exclude $28.3 million of non-cancelable future minimum lease payments for operating leases that have not yet commenced.