|3 Months Ended|
Mar. 31, 2022
We currently lease our research and office space under a noncancelable lease agreement with our landlord, Healthpeak Properties, Inc. (formerly known as HCP BTC, LLC), which originally set to expire in 2018, and was extended in July 2017 for another five years through January 2023. In March 2022, we entered an amendment to the lease agreement to waive our option or right to further extend the term of the lease.
We have a sublease agreement originally entered in December 2014, and subsequently amended in February 2017 and July 2017, with an unrelated third party to occupy a portion of our research and office space which expire in January 2023. As of March 31, 2022, we expect to receive approximately $3.9 million in future sublease income (excluding our subtenant’s share of facilities operating expenses) through January 2023.
As of March 31, 2022 and December 31, 2021, we had operating lease right-of-use asset of $7.5 million and $9.7 million, respectively, and lease liability of $8.3 million and $10.7 million, respectively, in the respective condensed balance sheets. The weighted average remaining term of our lease as of March 31, 2022 was 0.83 year.
As of March 31, 2022, we received from our landlord leasehold improvement incentives amounting to $0.6 million related to leasehold improvements. We record these leasehold improvement incentives as a reduction to operating lease right-of-use asset and lease liability until the lease ends and the asset is transferred.
We recorded rent expense on a straight-line basis for our lease, net of sublease income. For our sublease arrangement which we classified as an operating lease, our loss on the sublease was comprised of the present value of our future payments to our landlord less the present value of our future rent payments expected from our subtenant over the term of the sublease.
The components of our operating lease expense were as follows (in thousands):
Supplemental information related to our operating lease were as follow (in thousands):
Supplemental information related to our operating sublease was as follow (in thousands):
The following table presents the future lease payments of our operating lease liabilities as of March 31, 2022 (in thousands):