Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

v3.21.2
Leases (Tables)
 6 Months Ended
Jun. 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 June 30, Six Months Ended June 30,
2021 2020 2021 2020
Operating lease costs $ 379  $ 347  $ 744  $ 751 
Variable lease costs (1) 181  156  364  344 
Total lease cost $ 560  $ 503  $ 1,108  $ 1,095 
(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, 2021
Weighted-average remaining lease term (years) 11.0
Weighted-average discount rate 10.5  %
Maturities of Operating Lease Liabilities
As of June 30, 2021, the maturities of the Company’s operating lease liabilities and future minimum lease payments were as follows (in thousands):
  Total
2021 $ 1,283 
2022 2,380 
2023 2,346 
2024 2,346 
2025 2,346 
Thereafter 15,443 
Total undiscounted lease payments 26,144 
Less: present value adjustment (10,224)
Present value of lease liabilities $ 15,920