7. Commitments

In November 2010, the Company entered into an operating lease for office and laboratory space, which has been amended multiple times. Based on the latest amendment, the lease agreement includes escalating rent payments and is effective through June 30, 2020.

On October 15, 2018, the Company entered into a short-term lease with Inzen Therapeutics ("Inzen"), to sublease a portion of the Company's facility (the "Sublease"). The sublease term is from October 15, 2018 through June 30, 2020. Inzen is obligated to pay the Company approximately $0.5 million in base rent during the year ended December 31, 2020, respectively. The Company is still obligated to all payment terms pursuant to the lease agreement, as amended. During the years ended December 31, 2019 and 2018, the Company received $1.0 million and $0.3 million in payments from Inzen which was recorded as a reduction to rent expense in the accompanying consolidated statement of operations.

In November 2019, the Company entered into a sublease for office space which was classified as an operating lease. At inception of the lease, the Company recognized a lease liability and right-of-use asset of approximately $1.7 million. The lease liability represents the present value of the remaining lease payments, discounted using the Company’s estimated incremental borrowing rate of 7.49%. The ROU asset represents the lease liability adjusted for any prepaid and accrued rent payments.

Future minimum payments required under the non-cancelable operating leases as of December 31, 2019 are summarized as follows (in thousands):


Period Ending December 31,	Amount
2020		1,449
2021		740
2022		438
Total minimum lease payments	$	2,627

Rent expense was $0.4 million and $1.1 million for the years ended December 31, 2019 and 2018, respectively. Lease payments were $1.4 million for each of the years ended December 31, 2019 and 2018, respectively.