The adoption of ASC 842 resulted in the recognition of operating lease liabilities and ROU assets of $60.1 million and $42.5 million, respectively, on the Company’s balance sheet relating to its leases for its corporate headquarters and its office and lab space on the January 1, 2019 transition date. Further, the Company reclassified upon adoption $18.0 million of deferred rent which reduced the ROU assets recognized on the balance sheet, in accordance with the transition guidance.

As of December 31, 2019, operating lease assets were $37.9 million and operating lease liabilities were $55.6 million. Amounts related to financing leases were immaterial. 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:

	For the Year Ended December 31, 2019
	(in thousands)
Lease cost
Operating lease cost	$	10,335
Variable lease cost		3,967
Total lease cost	$	14,302

Other information
Operating lease payments		10,416
Operating lease liabilities arising from obtaining ROU assets		—
Weighted average remaining lease term	5.5
Weighted average discount rate		7.50	%

The following table summarizes maturities of lease liabilities and the reconciliation of lease liabilities as of December 31, 2019:

	As of December 31, 2019
	(in thousands)
2020	$	11,718
2021		12,891
2022		11,080
2023		11,230
2024		11,471
Thereafter		9,654
Total minimum lease payments		68,044
Less: imputed interest		(12,478	)
Total operating lease liabilities	$	55,566
Included in the condensed consolidated balance sheet:
Current portion of lease liabilities within other current liabilities	$	7,846
Lease liabilities		47,720
Total operating lease liabilities	$	55,566

For comparable purposes, aggregate future minimum non-cancellable commitments under leases as of December 31, 2018, are as follows:

	As of December 31, 2018
	(in thousands)
2020	$	11,395
2021		12,558
2022		10,757
2023		10,898
2024		11,128
Thereafter		9,396
Total minimum lease payments	$	66,132

Excluded from the table above are obligations under manufacturing agreements with Brammer Bio MA, LLC (“Brammer”) and Paragon Bioservices, Inc. (“Paragon”). The Company has determined that both agreements contain an embedded lease. However, both leases have not yet commenced as of December 31, 2019, and as such, right of use assets and lease liabilities have not yet been recognized on the Company’s consolidated balance sheets. Refer to Note 21, Commitments and Contingencies for additional details relating to these two agreements.