v3.23.1
Lease Liabilities
3 Months Ended
Mar. 31, 2023
Lease Liabilities  
Lease Liabilities

Note 9—Leases

We have an operating lease for our office and laboratory facilities with an initial term that ends in November 2027 and two options to extend the lease term by an additional five years each. Restricted investments of $1.1 million represent the security deposit on our office and laboratory facilities. On January 14, 2022, we entered into an agreement with our landlord to early terminate a portion of the rentable square footage of our office and laboratory facilities, which reduced the right of use asset by $4.7 million and related liability by $5.2 million. We recorded a non-cash gain of $0.5 million upon early termination of this portion of the lease. In addition, we carry various finance lease obligations for laboratory equipment.

Supplemental lease information is as follows:

Three Months Ended

March 31, 

    

2023

    

2022

(In thousands)

Lease cost

  

    

  

Operating lease cost

$

1,633

$

1,196

Finance lease cost:

 

 

  

Amortization

 

118

 

197

Interest

 

51

 

56

Variable lease cost

 

790

 

860

Sublease income

 

(375)

 

(491)

Net lease cost

$

2,217

$

1,818

Cash paid for amounts included in the measurement of lease liabilities is as follows:

Three Months Ended

March 31, 

    

2023

    

2022

(In thousands)

Cash paid for amounts included in the measurement of lease liabilities

Cash payments for operating leases

$

1,780

$

1,803

Cash payments for financing leases

$

152

 

$

253