Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

12. Leases

The Company leases office space and equipment, and certain office space is subleased. Management determines if a contract is a lease at the inception of the arrangement and reviews all options to extend, terminate, or purchase its right-of-use assets at the inception of the lease and accounts for these options when they are reasonably certain of being exercised.

Leases with an initial term of greater than twelve months are recorded on the consolidated balance sheet. Lease expense is recognized on a straight-line basis over the lease term.

F-29

The Company’s lease contracts generally do not provide a readily determinable implicit rate. For these contracts, the estimated incremental borrowing rate is based on information available at the inception of the lease.

Operating lease cost consists of the following (in thousands):

	Year Ended December 31,
	2020			2019
Lease cost, gross	$	2,254		$	2,076
Sublease income		(603	)		(603	)
Total lease cost, net	$	1,651		$	1,473

Operating lease assets and liabilities are summarized as follows (in thousands):

	As of December 31,
	2020		2019
Right-of-use assets	$	5,785	$	6,464
Current lease liabilities	$	1,433	$	1,221
Long-term lease liabilities		4,805		5,774
Total lease liabilities	$	6,238	$	6,995

The maturity of operating lease liabilities is presented in the following table (in thousands):

	As of December 31, 2020
2021	$	1,806
2022		1,555
2023		1,539
2024		1,182
2025		867
Thereafter		291
Total lease payments		7,240
Less imputed interest		(1,002	)
Present value of lease liabilities	$	6,238