Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
 3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Operating Lease Costs, Lease Term and Discount Rate
The following table summarizes operating lease costs included in operating expenses (in thousands):
  Three Months Ended March 31,
2021 2020
Operating lease costs $ 377  $ 404 
Variable lease costs (1) 182  188 
Total lease cost $ 559  $ 592 
(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.
The following table summarizes the weighted-average remaining lease term and discount rate:
  As of March 31, 2021
Weighted-average remaining lease term (years) 11.2
Weighted-average discount rate 10.5  %
Maturities of Operating Lease Liabilities
As of March 31, 2021, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
  Total
2021 $ 1,910 
2022 2,349 
2023 2,314 
2024 2,314 
2025 2,314 
Thereafter 15,236 
Total undiscounted lease payments 26,437 
Less: present value adjustment (26,437)
Present value of lease liabilities $ —