Commitments and Contingencies

Operating Lease

The Company’s primary facility is located in Waltham, Massachusetts, where it leases approximately

7,495

square feet of office space. In

July 2018,

it amended the lease extending its expiration to

September 2019.

During the

three

and

six

months ended

June 30, 2019,

it recognized operating lease expense of

$68,000

and

$139,000,

respectively including property taxes and routine maintenance expense, which approximated its cash payments for the period. As of

June 30, 2019,

the condensed consolidated balance sheet includes a

$68,000

operating lease right-of-use asset and a

$68,000

operating lease liability in other assets and other current liabilities, respectively.

The weighted average remaining lease term and the weighted average discount rate for operating lease at

June 30, 2019

was:

Weighted average discount			8	%
Weighted average remaining lease term *years			0.25

Future minimum payments required under operating leases as of

June 30, 2019

are summarized as follows (in thousands):

Year Ending December 31:	Amount
2019		68
Total minimum lease payments	$	68

In addition to the base rent, the Company is also responsible for its share of operating expenses and real estate taxes, in accordance with the terms of the lease agreement. As of

June 30, 2019,

the Company has provided a security deposit in the amount of

$22,000

to the lessor.

Restricted cash related to facilities leases

As of

June 30, 2019

and

December 31, 2018,

the Company had

$22,000

in an outstanding letter of credit to be used as collateral for leased premises. As of

June 30, 2019

and

December 31, 2018,

the Company pledged an aggregate of

$22,000

to the bank as collateral for the letter of credit, which is included in other non-current assets.