Leases

6 Months Ended

Jun. 30, 2019

Leases [Abstract]

Leases

Note 6. Leases

On August 9, 2016, the Company entered into a sublease agreement for an office lease in Durham, North Carolina. The lease commenced on September 1, 2016 and expires on January 31, 2020. Monthly rent was $6 for the first 12 -month period and $7 each month thereafter until expiration of the lease. A security deposit of $13 was required upon execution of the sublease.

Lease rental expense totaled $40 and $36 during the six months ended June 30, 2019 and 2018, respectively, and $20 and $20 during the three months ended June 30, 2019 and 2018, respectively.

Total future minimum payments required under the sublease agreement are as follows:

Years ended December 31,	Amount
2019 (remaining nine months)	$	42
2020		7
Total undiscounted minimum future lease payments	$	49
Less imputed interest		(2	)
Present value of operating lease liabilities	$	47

At June 30, 2019, the weighted average remaining lease term and discount rate for operating leases was 0.58 years and 10.8%, respectively. The Company’s lease agreement does not contain any material residual value guarantees or material restrictive covenants.

Right of use asset

The Company has recognized a right of use asset of $51 in the unaudited condensed consolidated Balance Sheet as of June 30, 2019.