In October 2014, the Company entered into an agreement to lease office and laboratory space at 130 Brookline Street in Cambridge, Massachusetts under an operating lease agreement with a term through January 2020, with an option to extend the term of the lease for an additional five-year period. In April 2019, the Company executed an amendment to the lease to extend the term of the lease for the additional five-year period, through January 2025. Upon the execution of the original lease, the Company provided a $0.3 million security deposit. The Company has recorded this security deposit in other assets on the consolidated balance sheets.

In applying the ASC 842 transition guidance, the Company retained the classification of this lease as operating and recorded a lease liability and a right-of-use asset on the ASC 842 effective date with the five-year extension included in the lease term, based on the Company’s election of the hindsight practical expedient as the Company was reasonably certain to exercise this option term.

2021, with two options to extend the agreement by one year each, for a total option period of up to two years. Upon commencement of the lease in April 2019, the Company recognized a right-of-use asset and lease liability of approximately $1.3 million.

In January 2016, the Company entered into a ten-year agreement to lease office and laboratory space at 40 Erie Street in Cambridge, Massachusetts under an operating lease agreement, with an option to terminate the lease at the end of the sixth year and an option to extend the term of the lease for an additional three years. Upon the execution of this lease, the Company provided a $2.2 million security deposit, which has been recorded in other assets on the consolidated balance sheets.

Throughout the term of its leases, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. The variable portion of these costs are expensed as incurred and are disclosed as variable lease cost.

The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the year ended December 31, 2019:

	Year Ended
	December 31, 2019
	(in thousands)
Lease cost
Operating lease cost	$	7,431
Short-term lease cost		53
Variable lease cost	2,218
Total lease cost	$	9,702

	Year Ended
	December 31, 2019
	(in thousands)
Other information
Operating cash flows used for operating leases	$	6,476
Operating lease liabilities arising from obtaining right-of-use assets	2,554

	As of December 31, 2019
Lease term and discount rate
Weighted average remaining lease term	3.0 years
Weighted average discount rate	9.00%

The table below reconciles the undiscounted cash flows for each of the first five years and total of the remaining years to the operating lease liabilities recorded in the consolidated balance sheet as of December 31, 2019:

Future Operating Lease Payments
Year Ending December 31,	(in thousands)
2020	$	7,113
2021		7,350
2022		4,733
2023		871
2024		871
Thereafter		73
Total lease payments	$	21,011
Less: imputed interest		(2,636	)
Total operating lease liabilities at December 31, 2019	$	18,375

Future minimum lease payments under the Company’s non-cancelable operating leases as of December 31, 2018, are as follows:

Year Ending December 31,	(In thousands)
2019	$	5,616
2020		4,963
2021		5,507
2022		3,861
	$	19,947