8. Leases

The Company leases laboratory and office space and certain equipment with remaining terms ranging approximately from 1 year to 3.5 years.

The laboratory and office space arrangement is under a sublease that was renewed in December of 2020 and currently extends through May 31, 2022. This lease automatically renews annually for a one-year period unless the Company or the counterparty provides a notice of termination within one hundred and eighty days prior to May 31 of each year.

All of the Company’s leases qualify as operating leases. The following table summarizes the presentation of the Company’s operating leases in its consolidated balance sheets:


		For the Quarter ended March 31
(In thousands)	Balance Sheet Classification	2021		2020
Assets:
Operating lease assets	Right-of-use asset	$	156	$	166

Liabilities:
Current operating lease liabilities	Current portion of operating lease liabilities	$	110	$	105
Non-current operating lease liabilities	Operating lease liabilities, net of current portion	$	46	$	61
Total operating lease liabilities		$	156	$	166

Cash paid included in the computation of the right of use asset and lease liability during the three months ended March 31, 2021 and 2020 amounted to approximately $30,000, respectively.

The weighted average remaining lease term and weighted average discount rate of the Company’s operating leases are as follows:


	As of March 31,
	2021		2020
Weighted average remaining lease term (in years)	1.72		2.20
Weighted average discount rate	10.24	%	13.13	%

The Company recorded lease expense in the following expense categories of its consolidated statements of operations:


			For the Three Months
			Ended March 31,
(In thousands)	Statement of Operations Classification		2021		2020
Operating lease expense	Research and development	$	19	$	19
	Selling, general and administrative		11		11
		$	30	$	30

The minimum lease payments for the next five years are expected to be as follows:


	As Of
	March 31,
(In thousands)	2021
2020	$	91
2021		62
2022		12
2023		7
2024		—
Total lease payments	$	172
Less: imputed interest		16
Present value of operating lease liabilities	$	156