Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.22.0.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2021
Leases [Abstract]  
Lease Costs, Term and Discount Rate
The following table summarizes operating lease costs included in operating expenses (in thousands):
Years Ended December 31,
  2021 2020
Operating lease costs $ 1,483  $ 1,509 
Variable lease costs (1) 739  708 
Total lease cost $ 2,222  $ 2,217 
(1) Variable lease costs include certain additional charges for operating costs, including insurance, maintenance, taxes, utilities, and other costs incurred, which are billed based on both usage and as a percentage of the Company’s share of total square footage.

The following table summarizes the weighted-average remaining lease term and discount rate:
As of December 31,
  2021 2020
Weighted-average remaining lease term (years) 10.4 11.4
Weighted-average discount rate 10.5  % 10.5  %
Maturities of Operating Lease Liabilities As of December 31, 2021, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
  Total
2022 $ 2,474 
2023 2,235 
2024 2,235 
2025 2,235 
2026 2,235 
Thereafter 12,482 
Total undiscounted lease payments 23,896 
Less: present value adjustment (9,006)
Present value of lease liabilities 14,890