In May 2015, the Company entered into an operating lease for 30,376 square feet of laboratory and office facilities in South San Francisco, California. In April 2018, the Company amended the lease agreement to include an additional 6,378 square feet of laboratory and office space increasing the total leased premises to 36,754 square feet. The lease amendment extended the lease term to November 2026 and contained scheduled rent increases over the lease term and an option for the Company to extend the lease for an additional five-year term.

In November 2022, the Company entered into an operating lease for 13,232 square feet of office facilities in South San Francisco, California, which expires in July 2025. The lease agreement contained an option to extend the lease for an additional six-month term.

The Company does not have any financing lease agreements as of September 30, 2023.

The following table summarizes maturities of operating lease liabilities as of September 30, 2023 (in thousands):


2023 (remaining three months)	$	696
2024		2,855
2025		2,662
2026		2,137
Thereafter		—
Total future undiscounted lease payments		8,350
Less: Imputed interest		(888	)
Total Lease Liabilities	$	7,462

The following table summarizes the balance sheet classification of operating leases at September 30, 2023 (in thousands):


Operating leases
Operating lease right-of-use assets	$	5,672

Operating lease liabilities, current		2,390
Operating lease liabilities, non-current		5,072
Total operating lease liabilities	$	7,462

For the three and nine months ended September 30, 2023, the Company incurred $0.6 million and $1.8 million, respectively, of lease expense included in operating expenses in the condensed consolidated statement of operations in relation to the operating leases. Variable lease expense was insignificant for the three and nine months ended September 30, 2023. Rent expense was $0.7 million and $2.1 million during the three and nine months ended September 30, 2023, respectively.

Cash paid for amounts included in the measurement of operating lease liabilities for the nine months ended September 30, 2023, was $2.0 million and was included in net cash used in operating activities in the Company’s condensed consolidated statements of cash flows.

As of September 30, 2023, the weighted-average remaining lease term and discount rate for the Company’s operating leases was 3.0 years and 8.22%, respectively.