Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
 9 Months Ended
Sep. 30, 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 September 30, Nine Months Ended September 30,
2021 2020 2021 2020
Operating lease costs $ 370  $ 360  $ 1,126  $ 1,134 
Variable lease costs (1) 198  192  562  536 
Total lease cost $ 568  $ 552  $ 1,688  $ 1,670 
(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 September 30, 2021
Weighted-average remaining lease term (years) 10.7
Weighted-average discount rate 10.5  %
Maturities of Operating Lease Liabilities
As of September 30, 2021, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
  Total
2021 $ 624 
2022 2,527 
2023 2,288 
2024 2,288 
2025 2,288 
Thereafter 15,065 
Total undiscounted lease payments 25,080 
Less: present value adjustment (9,604)
Present value of lease liabilities $ 15,476