Leases

3 Months Ended

Mar. 31, 2020

Leases [Abstract]

Leases

7. Leases

The Company has non-cancelable operating leases for office and laboratory space in Malvern, Pennsylvania and St. Louis, Missouri which, as of March 31, 2020, have remaining lease terms of approximately 3.0 and 0.9 years, respectively. The Company adopted ASC 842 on January 1, 2019 resulting in the recognition of a current operating lease liability of $0.3 million and a noncurrent operating lease liability of $0.8 million with a corresponding $1.1 million right-of-use (ROU) asset, which was based on the present value of the minimum rental payments of the lease. The discount rate used to account for the Company’s operating lease under ASC 842 is the Company’s estimated incremental borrowing rate of 5.3%.

Supplemental balance sheet information related to leases was as follows:

	March 31,		December 31,
	2020		2019
Operating Leases
Operating lease right-of-use assets	$	745	$	815
Other current liabilities		285		297
Operating lease liabilities		472		534
Total operating lease liabilities	$	757	$	831

The components of lease expense were as follows:

	Three months ended March 31,
	2020		2019
Operating lease costs
Operating lease rental expense	$	74	$	52
Interest on lease liabilities		10		14
Total operating lease liabilities	$	84	$	66

Supplemental cash flow information related to leases was as follows:

	Three months ended March 31,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows from operating leases	$	84	$	66
Right-of-use assets obtained in exchange for lease obligation
Operating leases		—		1,084

Future minimum rental payments under the Company’s non-cancelable operating leases were as follows as of March 31, 2020 (amounts in thousands):

Remainder of 2020	$	248
2021		259
2022		260
2023		44
Total		811
Less: imputed interest		(54	)
	$	757