Leases

6 Months Ended

Jun. 30, 2022

We lease approximately 70,000 square feet of office space for our corporate headquarters under non-cancelable operating leases. The leases expire May 31, 2028 with options to renew for one additional period of five years at the then-prevailing market rate. The exercises of the lease renewal options are at our sole discretion and were not included in the lease term for the calculation of the ROU assets and lease liabilities when the leases commenced as they were not reasonably certain of exercise.

In addition to base rent, we also pay our proportionate share of the operating expenses, as defined in the leases. These payments are made monthly and adjusted annually to reflect actual charges incurred for operating expenses,

such as common area maintenance, taxes, and insurance. In conjunction with the leases, the landlord agreed to provide total rent abatement of $2.3 million.

The following table presents the lease balances within the consolidated balance sheets:


	June 30, 2022		December 31, 2021
Right-of-use assets:
Operating lease right-of-use assets	$	7,400	$	7,919
Operating lease liabilities:
Accrued expenses	1,072		312
Operating lease liabilities, non-current portion	8,224		8,796
Total operating lease liabilities	$	9,296	$	9,108

As of June 30, 2022, the remaining lease term was 5.9 years and the weighted average discount rate was 5.3%. The operating cash outflows from our operating leases were $0.1 million for both of the three-month periods ended June 30, 2022 and 2021 and $0.1 million for both of the six-month periods ended June 30, 2022 and 2021.