XOMA Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Lease Agreement

Three Months Ended March 31,

Cash paid for amounts included in the measurement of lease liabilities

Operating cash flows under operating leases

Lease Agreement

3 Months Ended

Mar. 31, 2022

7. Lease Agreements

The Company leases one facility in Emeryville, California under an operating lease that expires in February 2023. The Emeryville lease contains an option to extend the lease for an additional term, however, the Company is not reasonably certain to exercise this option.

The following table summarizes maturity of the Company’s operating lease liabilities as of March 31, 2022 (in thousands):


	Operating
Undiscounted lease payments	Leases
2022 (excluding three months ended March 31, 2022)		152
2023		34
2024		—
Total undiscounted lease payments		186
Present value adjustment		(4)
Total net lease liabilities	$	182

The following table summarizes the cost components of the Company’s operating leases for the three months ended March 31, 2022 and 2021 (in thousands):


	Three Months Ended March 31,
	2022		2021
Lease costs:
Operating lease cost	$	44	$	44
Variable lease cost ⁽¹⁾		3		3
Total lease costs	$	47	$	47

(1)Under the terms of the lease agreement, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments include non-lease components such as common area maintenance fees.

The following information represents supplemental disclosure for the statement of cash flows related to operating leases (in thousands):

The present value assumptions used in calculating the present value of the lease payments as of March 31, 2022 and December 31, 2021 were as follows:


	March 31,		December 31,
	2022		2021
Weighted-average remaining lease term	0.92 years		1.17 years
Weighted-average discount rate	5.51	%	5.51	%