Note 6 - Operating Leases |
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Mar. 31, 2021 | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Lessee, Operating Leases [Text Block] |
The Company has five operating leases for office and laboratory space used to conduct business. The exercise of lease renewal options is at our discretion and there are no renewals to extend the lease terms included in our Right-Of-Use (“ROU”) assets and lease liabilities as they are not reasonably certain of exercise. The Company regularly evaluates the renewal options and when they are reasonably certain of exercise. As most of the Company's leases do not provide an implicit rate, the Company uses the incremental borrowing rate based on the information available at the lease commencement date in determining the net present value of the lease payments.As of March 31, 2021, the Company recognized a Right-Of-Use (“ROU”) asset of $4.3 million and an operating lease liability of $4.7 million based on the present value of the minimum rental payments as a result of adoption of ASC Topic 842. The weighted average discount rate used for leases as of March 31, 2021 is 3.9%. The weighted average lease term as of March 31, 2021 is 4.8 years. The operating lease expense for the three months ended March 31, 2021 and 2020 was $268 thousand and $306 thousand, respectively.Maturities and balance sheet presentation of the Company's lease liabilities for all operating leases as of March 31, 2021is as follows (in thousands):
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