LEASES (Tables)
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9 Months Ended |
Sep. 30, 2022 |
LEASES |
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Schedule of balance sheet classification of the Company's right-of-use asset and lease liabilities |
The balance sheet classification of the Company’s right-of-use asset and lease liabilities was as follows (in thousands): | | | | | | | | | September 30, | | December 31, | | | 2022 | | 2021 | Operating lease right-of-use assets | | $ | 68,268 | | $ | 68,983 | Operating lease liabilities | | | | | | | Current portion included in current liabilities | | | 7,171 | | | 5,057 | Long-term portion included in non-current liabilities | | | 71,943 | | | 65,474 | Total operating lease liabilities | | $ | 79,114 | | $ | 70,531 |
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Schedule of components of lease expenses |
The following table summarizes components of lease expenses, which were included in Total costs and expenses in the Company’s Condensed Consolidated Statements of Operations, and other information related to its operating leases as follows (in thousands except weighted-average remaining lease terms and discount rates): | | | | | | | | | | | | | | | | Three Months Ended | | Nine Months Ended | | | | September 30, | | September 30, | | | | 2022 | | 2021 | | 2022 | | 2021 | | Operating lease cost | | $ | 4,169 | | $ | 4,053 | | $ | 13,123 | | $ | 10,831 | | Variable lease cost | | | 1,666 | | | 1,484 | | | 3,882 | | | 3,772 | | Short-term lease cost | | | 38 | | | 26 | | | 115 | | | 101 | | Total lease cost | | $ | 5,873 | | $ | 5,563 | | $ | 17,120 | | $ | 14,704 | | | | | | | | | | | | | | | | Other information | | | | | | | | | | | | | | Cash paid for amounts included in the measurement of lease liabilities included in Operating cash flows | | $ | 3,188 | | $ | 3,605 | | $ | 10,261 | | $ | 8,439 | | Tenant improvement allowance received for amounts included in the measurement of lease liabilities included in Operating cash flows | | $ | 1,232 | | $ | — | | | 6,432 | | | — | | Right-of-use assets obtained from entering new leases | | $ | — | | $ | 16,999 | | $ | 553 | | $ | 17,617 | | Increase / (decrease) in right-of-use assets from lease modifications | | $ | 171 | | $ | 5,853 | | $ | 7,664 | | $ | 7,796 | | Weighted-average remaining lease terms (years) | | | | | | | | | 13.98 | | | 15.25 | | Weighted-average discount rates | | | | | | | | | 7.3% | | | 7.2% | |
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Schedule of minimum lease commitments |
As of September 30, 2022, the maturities of the Company’s operating lease liabilities were as follows (in thousands): | | | | | | | | | | | | | | | CMO | | | | | | Facility | | embedded | | | | Year Ending December 31, | | leases | | leases | | Total | Remainder of 2022 | | $ | 2,080 | | $ | 2,044 | | $ | 4,124 | 2023 | | | 8,220 | | | 3,120 | | | 11,340 | 2024 | | | 8,425 | | | — | | | 8,425 | 2025 | | | 8,205 | | | — | | | 8,205 | 2026 | | | 7,989 | | | — | | | 7,989 | Thereafter | | | 92,013 | | | — | | | 92,013 | Total lease payments | | $ | 126,932 | | $ | 5,164 | | $ | 132,096 | Less: Present value adjustment | | | (52,798) | | | (184) | | | (52,981) | Operating lease liabilities | | $ | 74,134 | | $ | 4,980 | | $ | 79,114 |
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