Quarterly report pursuant to Section 13 or 15(d)

Lease Agreements

v3.22.2.2
Lease Agreements
9 Months Ended
Sep. 30, 2022
Lease Agreements  
Lease Agreements

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 September 30, 2022 (in thousands):

Operating

Undiscounted lease payments

    

Leases

2022 (excluding the nine months ended September 30, 2022)

$

52

2023

 

34

Total undiscounted lease payments

 

86

Present value adjustment

 

(1)

Total net lease liabilities

 

$

85

The following table summarizes the cost components of the Company’s operating leases for the three and nine months ended September 30, 2022 and 2021 (in thousands):

    

Three Months Ended September 30, 

    

Nine Months Ended September 30, 

    

2022

2021

    

2022

    

2021

Lease costs:

Operating lease cost

$

45

$

45

 

$

133

 

$

133

Variable lease cost (1)

 

4

 

3

 

9

 

8

Total lease costs

$

49

$

48

 

$

142

$

141

(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):

    

Nine Months Ended September 30, 

    

2022

2021

Cash paid for amounts included in the measurement of lease liabilities

 

 

Operating cash flows under operating leases

$

151

$

147

The present value assumptions used in calculating the present value of the lease payments as of September 30, 2022 and December 31, 2021 were as follows:

    

September 30, 

December 31, 

    

2022

2021

Weighted-average remaining lease term

0.42 years

1.17 years

Weighted-average discount rate

5.51

%

5.51

%