Leases |
3 Months Ended | ||||||||||||
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Mar. 31, 2023 | |||||||||||||
| Leases [Abstract] | |||||||||||||
| Leases |
The Company subleases office space in Solana Beach, California, that serves as its corporate headquarters and houses certain management and research and development personnel. The sublease term commenced on December 15, 2020, is set to expire on December 31, 2026, and is renewable for an additional five-year period, at the Company’s option, provided that the Company’s landlord has entered into an extension of its prime lease for the office space that encompasses the Company’s office space for at least five years.
In November 2022, the Company entered into a lease agreement to lease a 19,462 square foot industrial building in Carlsbad, California to use as an office and manufacturing facility. Under the agreement, the lease term commences on June 1, 2023 and ends on May 31, 2033. The base rent payable under the lease agreement is $36,977.80 per month, which is subject to annual increases of 3.5% during the lease term. The Company has two options to extend the lease term for or sixty months, at the fair market rental value. The total minimum lease payments related to this lease are $5.1 million.
The Company leases space in Irvine, California, that houses office space and a manufacturing facility under a lease that commenced on October 1, 2018 and expires in September 2024. Both the Solana Beach and Irvine leases are classified as operating leases in conformity with GAAP. No lease liability has been recorded for the Carlsbad lease, given that the lease term has not yet commenced. The aggregate lease costs, included in general and administrative expense, were $0.3 million and $0.1 million for the three months ended March 31, 2023 and 2022
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