In February 2020, the Company entered into a seven-year agreement to occupy 6,647 square feet of office space in South San Francisco, California. The lease commenced on July 10, 2020 when the Company took occupancy of the leased space and the lease was determined to be operating classified. Under the agreement, the Company is required to make approximately $2,300 in total minimum payments during the term. The Company is also required to pay its proportionate share of building operating and tax costs after the first year under lease which are not included in the measurement of the lease and treated as variable lease cost and expensed when incurred.

As of December 31, 2023, maturities of the Company’s operating lease liability was as follows:


2024	$	331
2025		341
2026		351
2027		208
Total future minimum lease payments		1,231
Less imputed interest		(152	)
Present value of operating lease liabilities	$	1,079

As of December 31, 2023, the total lease liability was $1,079, of which $819 was noncurrent and $260 was short-term and classified within “Accrued expenses and other current liabilities” on the consolidated balance sheet.

For the years ended December 31, 2023, 2022 and 2021, the components of operating lease cost were as follows:


		Year Ended December 31,
			2023				2022				2021
Lease cost:	Statement of Operations Classification:
Operating lease cost	General and administrative expense	$		324		$		324		$		324
Short-term lease cost	General and administrative expense			161				58				—
Variable operating lease cost	General and administrative expense			37				58				17
Total operating lease cost		$		522		$		440		$		341

Other information:
Cash paid for amounts included in the measurement of operating lease liability		$		321		$		312		$		303
Weighted average remaining lease term (years)				3.6				4.6				5.6
Weighted average discount rate				7.6	%			7.6	%			7.6	%

The Company has entered into agreements with contract research organizations and contract manufacturing organizations to provide services in connection with its nonclinical studies and clinical trials and to manufacture clinical development materials. As of December 31, 2023, the Company had non-cancelable purchase and other commitments under these agreements totaling $30,878.

In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters including, but not limited to, losses arising out of breach of such agreements or from intellectual property infringement claims made by third parties. In addition, the Company has entered into indemnification agreements with members of its board of directors and its executive officers that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not currently aware of any indemnification claims and has not accrued any liabilities related to such obligations in its consolidated financial statements as of December 31, 2023.

The Company is not a party to any litigation and does not have contingency reserves established for any litigation liabilities. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses as incurred the costs related to such legal proceedings.