Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.22.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Operating Lease Costs, Lease Term and Discount Rate The following table summarizes operating lease costs included in operating expenses (in thousands):
  Three Months Ended March 31,
2022 2021
Operating lease costs $ 349  $ 377 
Variable lease costs (1) 159  182 
Total lease cost $ 508  $ 559 
(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 March 31, 2022
Weighted-average remaining lease term (years) 10.2
Weighted-average discount rate 10.5  %
Maturities of Operating Lease Liabilities
As of March 31, 2022, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
  Total
2022 $ 1,829 
2023 2,193 
2024 2,193 
2025 2,193 
2026 2,193 
Thereafter 12,247 
Total undiscounted lease payments 22,848 
Less: present value adjustment (8,483)
Present value of lease liabilities $ 14,365