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7. Lease Agreements
The Company leases one facility in Emeryville, California under an operating lease that expires in February 2023. The 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, 2021 (in thousands):
|
|
|
|
|
|
Operating |
Undiscounted lease payments |
|
Leases |
2021 (excluding three months ended March 31, 2021) |
|
$ |
148 |
2022 |
|
|
202 |
2023 |
|
|
34 |
Thereafter |
|
|
— |
Total undiscounted lease payments |
|
|
384 |
Present value adjustment |
|
|
(19) |
Total net lease liabilities |
|
$ |
365 |
The following table summarizes the cost components of the Company’s operating leases for the three months ended March 31, 2021 and 2020 (in thousands):
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Lease costs: |
|
|
|
|
|
|
Operating lease cost |
|
$ |
44 |
|
$ |
44 |
Variable lease cost (1) |
|
|
3 |
|
|
2 |
Total lease costs |
|
$ |
47 |
|
$ |
46 |
|
(1) |
Under the terms of the lease agreements, 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):
|
|
|
|
|
|
|
|
|
Three Months Ended March 31, |
|
|
2021 |
|
2020 |
Cash paid for amounts included in the measurement of lease liabilities |
|
|
|
|
|
|
Operating cash flows under operating leases |
|
$ |
49 |
|
$ |
46 |
The present value assumptions used in calculating the present value of the lease payments as of March 31, 2021 and December 31, 2020 were as follows:
|
|
|
|
|
|
|
|
|
March 31, |
|
December 31, |
|
|
2021 |
|
2020 |
Weighted-average remaining lease term |
|
|
|
|
|
|
Operating leases |
|
1.92 years |
|
|
2.17 years |
|
Weighted-average discount rate |
|
|
|
|
|
|
Operating leases |
|
5.51 |
% |
|
5.51 |
% |
|