11. LEASES

We had a lease agreement with a landlord, Healthpeak Properties, Inc. (formerly known as HCP BTC, LLC), to occupy approximately 147,000 square feet of research and office space located in South San Francisco, California, wherein the lease expired in January 2023. We also had a sublease agreement with an unrelated third-party to sublet a portion of the leased facility of approximately 66,000 square feet, wherein the sublease expired in January 2023.

On October 28, 2022, we entered into a sublease agreement with Atara to sublease approximately 13,670 rentable square feet of office space located in South San Francisco, California. Subject to the terms of the sublease agreement, the lease term commenced in November 2022 and shall expire in May 2025. This new leased facility is currently held as our new Headquarters following the expiration of our previous leased facility. In accordance with ASC 842, Leases, at lease measurement date, we recognized the operating lease right-of-use asset and lease liability of approximately $1.3 million. The amount recognized as operating right-of-use lease asset and lease liability represents the present value of the future minimum lease payments over the term of the lease, measured using our incremental borrowing rate.

As of December 31, 2022, we recorded $0.7 million of lease incentives from our previous leased facility and $0.2 million from our sublease with Atara, which we recorded as reductions to the operating lease right-of-use assets. The weighted average remaining term of our leases as of December 31, 2022 was 2.50 years.

The components of our operating lease expense were as follows (in thousands):

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Supplemental information related to our operating lease expense was as follows (in thousands):

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Supplemental information related to our operating sublease was as follows (in thousands):

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The following table presents the future minimum lease payments of our operating lease liabilities as of December 31, 2022 (in thousands):

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