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Balance Sheet Accounts
 12 Months Ended
Dec. 31, 2020
Balance Sheet Related Disclosures [Abstract]  
Balance Sheet Accounts Balance Sheet Accounts
Prepaid and Other Current Assets
Prepaid and other current assets consist of the following:
December 31,
20202019
Advances to commercial manufacturers$660 $2,462 
Prepaid FDA user fee and advances to CROs1,262 6,345 
Prepaid insurance191 191 
Prepaid income taxes— 4,661 
All other1,605 1,445 
Total Prepaid expenses and other current assets$3,718 $15,104 

Accrued Expenses and Other Liabilities
Accrued expenses and other liabilities consist of the following:
December 31,
20202019
Royalties payable to commercial partners$5,996 $6,004 
Accrued research & development2,724 1,686 
Accrued professional fees2,370 1,926 
Accrued salary and other compensation4,686 8,083 
Accrued product sales reserves4,966 8,364 
All other3,075 2,298 
Total Accrued expenses and other liabilities$23,817 $28,361 

Leases
In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) in order to increase transparency and comparability among organizations by recognizing lease assets and lease liabilities on the balance sheet. ASU 2016-02 requires a lessee to recognize a liability to make lease payments (the lease liability) and a right-of-use (“ROU”) asset representing its right to use the underlying asset for the lease term on the balance sheet.

A lease is a contract, or part of a contract, that conveys the right to control the use of explicitly or implicitly identified property, plant or equipment in exchange for consideration. Control of an asset is conveyed to the Company if the Company obtains the right to obtain substantially all of the economic benefits of the asset or the right to direct the use of the asset. The Company recognizes ROU assets and lease liabilities at the lease commencement date based on the present value of future, fixed lease payments over the term of the arrangement. ROU assets are amortized on a straight-line basis over the term of the lease. Lease liabilities accrete to yield and are reduced at the time when the lease payment is payable to the vendor.

In accordance with Topic 842, leases are measured at present value using the rate implicit in the lease or, if the implicit rate is not determinable, the lessee's incremental borrowing rate. As the implicit rate is not typically available, the Company uses its incremental borrowing rate based on the information available at the lease commencement date to determine the present value of future lease payments. The implicit borrowing rate approximates the rate the Company would pay to borrow on a collateralized basis over a similar term and amount equal to the lease payments in similar economic environment.

The Company leases office space in Woodcliff Lake, New Jersey for its principal office under an amended lease agreement through June 2025. The Company also leases a lab space in Cambridge, Massachusetts under a lease agreement through April
2024. Both the Company leases are classified as operating leases and have remaining lease terms ranging from 3.33 years to 4.5 years. The principal office and the lab space leases include renewal option to extend the lease for up to 5 years. Furthermore, the Company has not elected the practical expedient to separate lease and non-lease components for all classes of underlying assets.

The table below summarizes the Company's total lease costs included in the consolidated financial statements, as well as other required quantitative disclosures (in thousands):

December 31,
20202019
Operating lease cost$1,323 $1,146 
Total lease cost$1,323 $1,146 
Other information:
Cash paid for amounts included in the measurement of lease liabilities
     Operating cash flows for operating leases$1,323 $952 
Right-of-use assets obtained in exchange for new operating lease liabilities$855 $3,716 
Weighted-average remaining lease term - operating leases 4.1 years5.0 years
Weighted-average discount rate - operating leases 6.0 %6.0 %

The table below presents the maturity of lease liabilities on an annual basis for the remaining years for the Company's two lease agreements (in thousands):

Year Ending December 31,Operating Leases
2021$1,391 
20221,423 
20231,455 
20241,038 
2025413 
Thereafter— 
Total5,720 
     Less: present value discount(638)
Present value of lease liabilities$5,082 
Balance Sheet Classification at December 31:
    Current lease liabilities$1,123 
     Long-term lease liabilities3,959 
Total lease liabilities$5,082