Quarterly report pursuant to Section 13 or 15(d)

LEASES

v3.23.3
LEASES
9 Months Ended
Sep. 30, 2023
LEASES  
LEASES

10.Leases

We have a sublease agreement with Atara Biotherapeutics, Inc. (Atara) entered in October 2022 to sublease an 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 leased facility is currently held as our new headquarters following the expiration of our previously leased facility in January 2023. The weighted average remaining term of our leases as of September 30, 2023 was 1.67 years.

We previously leased our prior headquarter space located in South San Francisco, California with Healthpeak Properties, Inc. (formerly known as HCP BTC, LLC), and had a sublease agreement with an unrelated third-party to sublet a portion of the leased facility. Both leases expired in January 2023.

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

Three Months Ended September 30, 

Nine Months Ended September 30, 

2023

2022

2023

2022

Fixed operating lease expense

    

$

166

    

$

1,340

$

944

    

$

4,020

Variable operating lease expense

75

211

105

602

Total operating lease expense

 

$

241

 

$

1,551

$

1,049

 

$

4,622

Supplemental information related to our operating lease were as follow (in thousands):

Three Months Ended September 30, 

Nine Months Ended September 30, 

2023

2022

2023

2022

Cash payments included in the measurement of operating lease liabilities

$

178

$

2,630

$

1,352

$

7,856

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

Three Months Ended September 30, 

Nine Months Ended September 30, 

2023

2022

2023

2022

Fixed sublease expense

    

$

    

$

1,095

$

365

    

$

3,285

Variable sublease expense

232

77

682

Sublease income

(1,327)

(442)

(3,967)

Net

 

$

 

$

$

 

$

The following table presents the future lease payments as of September 30, 2023 (in thousands):

Remainder of 2023

$

182

2024

739

2025

301

Total minimum payments required

$

1,222