Leases

6 Months Ended

Jun. 30, 2020

The Company leases office and research and development facilities and equipment under various non-cancellable operating lease agreements.

In January 2010, the Company entered into a lease for office and laboratory space in Malvern, Pennsylvania (the “Malvern Lease”). The Malvern Lease commenced in March 2010 and was amended to extend its term to July 2018 and again to September 2023, with an option to extend the lease for an additional three years. This lease contains escalating rent payments. In December 2019, the Company entered into a lease for office space in San Diego, California, which expires in October 2022. In June 2020, the Company entered into a lease for additional office space in Malvern, Pennsylvania, which expires in September 2023. As of June 30, 2020, the weighted average remaining lease term for the Company’s leases was 5.0 years, and the weighted average discount rate used to determine the right-of-use assets and corresponding operating lease liabilities was 5.7%.

Maturities of operating lease liabilities as of June 30, 2020 are as follows (in thousands):


Year Ending December 31,
2020 (remaining six months)	$	262
2021	561
2022	552
2023	416
2024	278
Thereafter	498
Total future minimum lease payments	2,567
Less: Present value adjustment	(369)
Operating lease liabilities	$	2,198

The Company recognizes rent expense for the operating leases on a straight-line basis. Rent expense was $0.1 million for the three months ended June 30, 2020 and 2019, and $0.2 million for the six months ended June 30, 2020 and 2019.