Annual report pursuant to Section 13 and 15(d)

Leases (Tables)

v3.21.1
Leases (Tables)
 12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Lease Costs, Term and Discount Rate The following table summarizes operating lease costs included in operating expenses (in thousands):
Years Ended December 31,
  2020 2019
Operating lease costs $ 1,509  $ 1,524 
Variable lease costs (1) 708  293 
Total lease cost $ 2,217  $ 1,817 
(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 December 31,
  2020 2019
Weighted-average remaining lease term (years) 11.4 12.1
Weighted-average discount rate 10.5  % 10.5  %
Maturities of Operating Lease Liabilities
As of December 31, 2020, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
  Total
2021 $ 2,662 
2022 2,458 
2023 2,424 
2024 2,424 
2025 2,424 
Thereafter 14,556 
Total undiscounted lease payments 26,948 
Less: present value adjustment (9,986)
Present value of lease liabilities 16,962