The Company has operating and finance leases for office space, laboratory facilities and various laboratory equipment, furniture and office equipment and leasehold improvements. The Company's leases have remaining lease terms of less than 1 year to approximately 5 years, some of which include options to extend the leases for up to 5 years, and some which include options to terminate the leases within 1 year. In February 2020, the Company agreed to sublease office space in Florida, comprised of one of the two contiguous suites, under a non-cancelable operating lease, which expires in February 2026. In October 2020, the Company agreed to terminate this sublease, in exchange for a termination payment, due to financial difficulties encountered by the subtenant as a result of COVID-19.
Effective June 1, 2021, the Company agreed to sublease office space in Florida, comprised of one of the two contiguous suites, under a non-cancelable operating lease, which expires in February 2026.
The components of lease expense were as follows (in thousands):
| | Three months ended June 30, | | | Six months ended June 30, | |
Lease Cost | | 2021 | | | 2020 | | | 2021 | | | 2020 | |
Finance lease cost: | | | | | | | | | | | | | | | | |
Amortization of right-of-use assets | | $ | 32 | | | $ | 30 | | | $ | 64 | | | $ | 61 | |
Interest on lease liabilities | | | 3 | | | | 7 | | | | 7 | | | | 15 | |
Total finance lease cost | | | 35 | | | | 37 | | | | 71 | | | | 76 | |
Operating lease cost | | | 92 | | | | 92 | | | | 183 | | | | 181 | |
Short-term lease cost | | | 49 | | | | 54 | | | | 99 | | | | 111 | |
Variable lease cost | | | 8 | | | | 13 | | | | 21 | | | | 27 | |
Less: sublease income | | | (13 | ) | | | (40 | ) | | | (13 | ) | | | (53 | ) |
Total lease costs | | $ | 171 | | | $ | 156 | | | $ | 361 | | | $ | 342 | |
Supplemental cash flow information related to leases was as follows (in thousands):
| | Six months ended June 30, | |
| | 2021 | | | 2020 | |
Cash paid for amounts included in the measurement of lease liabilities: | | | | | | | | |
Operating cash flows from finance leases | | $ | 7 | | | $ | 15 | |
Financing cash flows from finance leases | | | 133 | | | | 117 | |
Operating cash flows from operating leases | | | 228 | | | | 221 | |
Operating cash flows from short-term leases | | | 99 | | | | 111 | |
Operating cash flows from variable lease costs | | | 21 | | | | 27 | |
| | | | | | | | |
Right-of-use assets obtained in exchange for lease liabilities: | | | | | | | | |
Finance leases | | $ | — | | | $ | — | |
Operating leases | | | — | | | | 20 | |
Supplemental balance sheet information related to leases was as follows (in thousands, except weighted average remaining lease term and weighted average discount rate):
| | June 30, | | | December 31, | |
| | 2021 | | | 2020 | |
Finance Leases | | | | | | | | |
Property and equipment, at cost | | $ | 1,031 | | | $ | 1,031 | |
less: accumulated depreciation and amortization | | | (587 | ) | | | (523 | ) |
Property and equipment, net | | $ | 444 | | | $ | 508 | |
| | | | | | | | |
Other current liabilities | | $ | 53 | | | $ | 172 | |
Other long-term liabilities | | | 9 | | | | 22 | |
Total finance lease liabilities | | $ | 62 | | | $ | 194 | |
| | | | | | | | |
Operating Leases | | | | | | | | |
Operating lease right-of-use assets | | $ | 1,187 | | | $ | 1,350 | |
Total operating lease right-of-use assets | | $ | 1,187 | | | $ | 1,350 | |
| | | | | | | | |
Current portion of operating lease liabilities | | $ | 342 | | | $ | 327 | |
Operating lease liabilities, less current portion | | | 1,413 | | | | 1,587 | |
Total operating lease liabilities | | $ | 1,755 | | | $ | 1,914 | |
| | | | | | | | |
Weighted Average Remaining Lease Term | | | | | | | | |
Finance leases (years) | | | 1 | | | | 1 | |
Operating leases (years) | | | 4 | | | | 5 | |
| | | | | | | | |
Weighted Average Discount Rate | | | | | | | | |
Finance leases | | | 9.8 | % | | | 8.5 | % |
Operating leases | | | 7.5 | % | | | 7.5 | % |
Maturities of lease liabilities were as follows (in thousands):
| | Finance | | | Operating | |
Year Ending December 31, | | Leases | | | Leases | |
2021 (excluding the six months ended June 30, 2021) | | $ | 42 | | | $ | 231 | |
2022 | | | 18 | | | | 463 | |
2023 | | | 6 | | | | 472 | |
2024 | | | — | | | | 484 | |
2025 | | | — | | | | 390 | |
Thereafter | | | — | | | | 30 | |
Total lease payments | | | 66 | | | | 2,070 | |
Less: future interest expense | | | (4 | ) | | | (315 | ) |
Lease liabilities | | $ | 62 | | | $ | 1,755 | |
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