Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
 6 Months Ended
Jun. 30, 2020
Commitments and Contingencies Disclosure [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 June 30, Six Months Ended June 30,
2020 2019 2020 2019
Operating lease costs $ 347    $ 423    $ 751    $ 646   
Variable lease costs (1) 156    69    344    137   
Total lease cost $ 503    $ 492    $ 1,095    $ 783   
(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 June 30, 2020:
  As of June 30, 2020
Weighted-average remaining lease term (years) 11.9
Weighted-average discount rate 10.5  %
Operating Lease Liabilities
As of June 30, 2020, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
  Total
2020 $ 1,206   
2021 2,415   
2022 2,246   
2023 2,211   
2024 2,211   
Thereafter 16,768   
Total undiscounted lease payments 27,057   
Less: present value adjustment (11,172)  
Present value of lease liabilities $ 15,885