Annual report pursuant to Section 13 and 15(d)

Commitments and Contingencies (Tables)

v3.20.1
Commitments and Contingencies (Tables)
 12 Months Ended
Dec. 31, 2019
Commitments and Contingencies Disclosure [Abstract]  
Lease, Cost
The following table summarizes operating lease costs included in operating expenses for the twelve months ended December 31, 2019 (in thousands):

 
Twelve Months Ended December 31, 2019
 
 
Operating lease costs
$
1,524

Variable lease costs (1)
293

Total lease cost
$
1,817

(1) Variable lease costs include certain additional charges for operating costs, including insurance, maintenance, taxes, utilities, and other costs incurred, which are billed based on both usage and as a percentage of the Company’s share of total square footage.

During the year ended December 31, 2018, the Company recognized rent expense in an amount of $0.5 million under the previous guidance in ASC 840.
The following table summarizes the weighted-average remaining lease term and discount rate as of December 31, 2019:

 
As of December 31, 2019
Weighted-average remaining lease term (years)
12.1

Weighted-average discount rate
10.5
%
Finance Lease, Liability, Maturity
As of December 31, 2019, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
 
Total
2020
$
2,317

2021
2,418

2022
2,249

2023
2,214

2024
2,214

Thereafter
16,790

Total undiscounted lease payments
28,202

Less: present value adjustment
(11,985
)
Present value of lease liabilities
16,217