(7) Leases

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

During the year ended December 31, 2020, the Company recorded right of use assets and lease liabilities of $1.9 million related to new leases and lease extensions. 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. This resulted in an increase to the Company’s right-of-use assets and lease liabilities of $1.4 million during the first quarter of 2019 for the initial 3 years related to the amendment.

Operating lease expense was $2.3 million and $2.5 million for years ended December 31, 2020 and 2019, respectively. Variable lease expense was $1.2 million and $1.5 million for years ended December 31, 2020 and 2019, respectively. Under the prior lease accounting guidance, the Company recorded total operating lease expense and variable lease expense of $4.0 million for the year ended December 31, 2018. Cash paid for amounts included in the measurement of operating lease liabilities was $2.4 million and $3.3 million for the years ended December 31, 2020 and 2019, respectively. As of December 31, 2020, the weighted-average remaining lease term was 2 years and the weighted-average discount rate was 10.4%, compared to a weighted-average remaining lease term of 2 years and weighted average discount rate of 11% as of December 31, 2019.

Future minimum lease payments under non-cancellable leases as of December 31, 2020 were as follows:


2021	$	1,620
2022		1,615
2023		698
Total lease payments		3,933
Less imputed interest		(452)
Present value of operating lease liabilities	$	3,481