XML 75 R13.htm IDEA: XBRL DOCUMENT v3.20.1
Leases
12 Months Ended
Dec. 31, 2019
Leases  
Leases

(7) Leases

The Company has operating leases of office, manufacturing and laboratory space, which have remaining lease terms of one to six years and may include one or more options to renew or terminate early.

During the first quarter of 2019, the Company amended its Hampton, New Jersey lease to eliminate 16,200 square feet of space and extend the remaining 33,400 square feet of space for an additional five-year term with an early termination option after three years. The Company recorded an additional right-of-use asset and lease liability of $1.4 million during the first quarter of 2019 for the initial 3 years related to the amendment.

Operating lease expense and variable lease expense was $2.5 million and $1.5 million for year ended December 31, 2019, respectively. Under the prior lease accounting guidance, the Company recorded total operating lease expense and variable lease expense of $4.0 million and $4.1 million for the years ended December 31, 2018 and 2017, respectively. Cash paid for amounts included in the measurement of operating lease liabilities during the year ended December 31, 2019 was $3.3 million. As of December 31, 2019, the weighted-average remaining lease term was 2 years and the weighted-average discount rate was 11.0%.

Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows:

 

 

 

 

 

2020

    

$

2,218

2021

 

 

875

2022

 

 

747

2023

 

 

311

Total lease payments

 

 

4,151

Less imputed interest

 

 

(494)

Present value of operating lease liabilities

 

$

3,657

 

Under the prior lease accounting guidance, operating lease obligations, including estimated variable lease obligations, as of December 31, 2018 were as follows:

 

 

 

 

 

2019

    

$

4,648

2020

 

 

3,140

Thereafter

 

 

 —

Total lease payments

 

$

7,788