The Company has entered into operating leases to facilitate the expansion of its manufacturing, research and development, and selling, general and administrative activities. For purposes of calculating operating lease liabilities, lease terms may be deemed to include options to extend or terminate the lease when those events are reasonably certain to occur. The interest rate implicit in lease contracts is typically not readily determinable and as such the Company uses the appropriate incremental borrowing rate based on information available at the lease commencement date in determining the present value of the lease payments. Current lease agreements do not contain any residual value guarantees or material restrictive covenants. As of March 31, 2021, the Company did not have any finance leases and no additional operating leases that have not yet commenced.

The following table presents the Company’s operating lease cost and supplemental cash flow information related to the Company’s operating leases (in thousands):

	Three Months Ended March 31,
	2021		2020
Operating lease cost	$	615	$	537
Non-cash activity:
Right-of-use assets obtained in exchange for lease obligations	$	4,720	$	—

The following table presents the Company’s operating right-of-use assets and liabilities (in thousands):

	March 31, 2021		December 31, 2020
Right-of-use assets	$	12,819	$	8,750
Short-term lease liabilities		2,324		1,871
Long-term lease liabilities		10,495		6,879

The following table presents weighted average assumptions used to compute the Company’s right-of-use assets and lease liabilities:

	March 31, 2021
Weighted average remaining lease term (in years)		7.3
Weighted average discount rate		3.4	%

As of March 31, 2021, current operating leases had remaining terms between two and eight years with options to extend the lease terms.

Undiscounted future minimum lease payments as of March 31, 2021, by year and in the aggregate, having non-cancelable lease terms in excess of one year were as follows (in thousands):

	Maturities of Operating Lease Liabilities
2021 ⁽¹⁾	$	1,987
2022		2,541
2023		1,652
2024		1,474
2025		1,263
Thereafter		5,520
Total lease payments		14,437
Less: Imputed interest		(1,618	)
Present value of lease payments	$	12,819