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Commitments and Contingencies
3 Months Ended
Mar. 31, 2021
Commitments And Contingencies Disclosure [Abstract]  
Commitments and Contingencies

Note 6. Commitments and Contingencies

Operating Leases

The Company leases its office facilities, located in Concord, California and Amersfoort, the Netherlands, and certain equipment and automobiles under non-cancelable operating leases with initial terms in excess of one year that require the Company to pay operating costs, property taxes, insurance and maintenance. The operating leases expire at various dates through 2030, with certain of the leases

providing for renewal options, provisions for adjusting future lease payments based on the consumer price index, and the right to terminate the lease early. The Company does not assume renewals in determination of the lease term unless the renewals are deemed to be reasonably assured at lease commencement. The Company recorded the lease right-of-use asset and obligation at the present value of lease payments over the lease term. The rates implicit in the Company’s leases are generally not readily determinable. The Company must estimate its incremental borrowing rate to discount the lease payments to present value. Operating lease assets also include lease incentives.

 

Supplemental cash flow information related to operating leases is as follows (dollars in thousands):

 

 

 

Three Months Ended

 

 

 

March 31, 2021

 

Cash payments for operating leases

 

$

1,000

 

Right-of-use assets obtained in exchange for operating lease obligations

 

 

41

 

 

 

 

March 31, 2021

 

Weighted-average remaining lease term

 

8.3 years

 

Weighted-average discount rate

 

 

9.0

%

 

 

Future minimum non-cancelable payments under operating leases as of March 31, 2021, were as follows (in thousands):

 

 

 

 

Operating Leases

 

2021 (remainder)

 

 

$

2,496

 

2022

 

 

 

2,990

 

2023

 

 

 

2,832

 

2024

 

 

 

2,733

 

2025

 

 

 

2,716

 

Thereafter

 

 

 

13,337

 

Total future lease payments

 

 

 

27,104

 

Less imputed interest

 

 

 

8,921

 

Present value of lease liabilities

 

 

$

18,183

 

 

The operating lease expense for the three months ended March 31, 2021 and 2020, were as follows:

 

 

 

Three Months Ended

 

 

 

March 31,

 

(in thousands)

 

2021

 

 

2020

 

Operating lease expense

 

$

802

 

 

$

824

 

 

As of March 31, 2021, the Company had no leases that have not yet commenced.

Purchase Commitments

The Company is party to agreements with certain providers for certain components of the INTERCEPT Blood System. Certain of these agreements require minimum purchase commitments from the Company. As of March 31, 2021, the Company had $29.4 million of short-term purchase commitments and $3.0 million of long-term purchase commitments, which are not recorded in the Company’s condensed consolidated balance sheets.