Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.20.2
Leases (Tables)
 9 Months Ended
Sep. 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 September 30, Nine Months Ended September 30,
2020 2019 2020 2019
Operating lease costs $ 360  $ 419  $ 1,134  $ 1,060 
Variable lease costs (1) 192  71  536  207 
Total lease cost $ 552  $ 490  $ 1,670  $ 1,267 
(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, 2020
Weighted-average remaining lease term (years) 11.7
Weighted-average discount rate 10.5  %
Operating Lease Liabilities
As of September 30, 2020, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
  Total
2020 $ 628 
2021 2,513 
2022 2,344 
2023 2,309 
2024 2,309 
Thereafter 17,512 
Total undiscounted lease payments 27,615 
Less: present value adjustment (11,254)
Present value of lease liabilities $ 16,361