Pieris Pharmaceuticals, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

3 Months Ended

Mar. 31, 2020

The following table summarizes the weighted-average remaining lease term and discount rate as of March 31, 2020:



	As of March 31, 2020
Weighted-average remaining lease term (years)	12.1
Weighted-average discount rate	10.5	%

The following table summarizes operating lease costs included in operating expenses (in thousands):



	Three Months Ended March 31,
	2020		2019
Operating lease costs	$	404	$	224
Variable lease costs (1)	188		68
Total lease cost	$	592	$	292
(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.

As of March 31, 2020, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):



	Total
2020	$	1,781
2021	2,369
2022	2,200
2023	2,165
2024	2,165
Thereafter	16,421
Total undiscounted lease payments	27,101
Less: present value adjustment	(11,326		)
Present value of lease liabilities	$	15,775