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Leases | 12 Months Ended
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Dec. 31, 2020
Leases |
Leases | Note 10. Leases On January 1, 2019, the Company adopted ASC 842, which requires entities to recognize assets and liabilities for leases with lease terms of more than 12 months on the balance sheet. Leases with terms of 12 months or less are not recorded on the balance sheet, and the related lease expenses are recognized on a straight-line basis over the lease term. The Company has one operating lease agreement entered into in March 2017 for laboratory and office space located in Newark, California. The Company provided the landlord with a $450,000 letter of credit collateralized by restricted cash as security deposit for the lease, which expires in May 2024. During the years ended December 31, 2020 and 2019, the Company recognized $89,400 and $64,000 of sublease income, respectively. The Company did not recognize any sublease income for the year ended December 31, 2018. Under the terms of the lease, the Company is responsible for certain taxes, insurance and maintenance expenses. ​ The weighted average lease term and discount rate are as follows: ​
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | December 31,
​ |  | 2020 |  | 2019
Operating Lease Term and Discount Rate: | ​ | ​ | ​ | ​ | ​ | ​
Weighted-average remaining lease term | ​ | ​ | 3.4 years | ​ | ​ | 4.4 years
Weighted-average discount rate | ​ |  | 11.0% | ​ |  | 11.0%
​ The following table summarizes the Company’s minimum lease payments and lease liability as of December 31, 2020 (in thousands):
​ | ​ | ​ | ​
Year Ending December 31: |  | Amount
2021 | ​ | $ | 2,000
2022 | ​ | ​ | 2,059
2023 | ​ | ​ | 2,121
2024 | ​ | ​ | 895
2025 | ​ | ​ | —
Thereafter | ​ |  | —
Total future minimum lease payments | ​ | ​ | 7,075
Less: imputed interest | ​ | ​ | (1,116)
Present value of future minimum lease payments | ​ | ​ | 5,959
Less: current portion of operating lease liability | ​ | ​ | (1,459)
Operating lease liability - noncurrent | ​ | $ | 4,500
​ Supplemental lease cost information is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | 2020 | ​ | 2019
Operating lease cost | ​ | $ | 1,775 | ​ | $ | 1,792
​ Supplemental balance sheet information is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | As of December 31,
​ |  | 2020 |  | 2019
Operating Leases: | ​ | ​ | ​ | ​ | ​ | ​
Operating lease right-of-use asset | ​ | $ | 4,950 | ​ | $ | 6,042
​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease liability - current | ​ | $ | 1,459 | ​ | $ | 1,256
Operating lease liability - noncurrent | ​ | ​ | 4,500 | ​ | ​ | 5,961
Total operating lease liabilities | ​ | $ | 5,959 | ​ | $ | 7,217
​ Supplemental cash flow information is as follows (in thousands):
​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Year Ended December 31,
​ |  | ​ | 2020 | ​ | ​ | 2019
Cash paid for amounts included in the measurement of lease liabilities: | ​ | ​ | ​ | ​ | ​ | ​
Operating cash flow used by operating leases | ​ | $ | 1,941 | ​ | $ | 1,885
​ Prior to the adoption of ASC 842, the Company’s rent expense was $1.9 million for the year ended December 31, 2018. Rent expense was recognized on a straight-line basis over the term of the lease and accordingly, the Company recorded the difference between cash rent payments and the recognition of rent expense as a deferred rent liability.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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