6. Commitments

Operating Leases

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. The Company is recognizing rent expense on a straight-line basis over the lease term.

The following is a maturity analysis of the annual undiscounted cash flows of the operating lease liabilities as of March 31, 2019 (in thousands):


Period Ending December 31,	Amount
2019		1,071
2020		721
Total minimum lease payments	$	1,792

Rent expense was $0.1 million and $0.3 million for the three months ended March 31, 2019 and 2018, respectively. During the three months ended March 31, 2019, the Company paid $0.3 million in lease payments. During the three months ended March 31, 2019, the Company paid $0.3 million in lease payments.

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 $0.8 million in base rent during the remainder of the year ended December 31, 2019 and $0.5 million in base rent during the year ended December 31, 2020. The Company is still obligated to all payment terms pursuant to the lease agreement, as amended. During the three months ended March 31, 2019, the Company received $0.3 million in payments from Inzen which was recorded as a deduction to rent expense in the accompanying condensed consolidated statement of operations.