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Leases

9 Months Ended

Sep. 30, 2021

Leases [Abstract]

Leases

5.           Leases

In September 2019, the Company’s lease agreement for its corporate headquarters commenced and will expire in May 2029. Pursuant to the lease, the Company will pay the base rent of approximately $1.3 million per annum through the end of the fifth lease year and approximately $1.4 million per annum thereafter through the expiration date.

The Company recognizes lease expense on a straight-line basis over the lease term. Lease expense was $0.3 million for the operating lease for the three months ended September 30, 2021 and September 30, 2020. For the nine months ended September 30, 2021 and September 30, 2020, lease expense for the operating lease was $0.9 million and $1.0 million, respectively.

Cash outflows from operating activities attributable to the operating lease for the nine months ended September 30, 2021 and September 30, 2020 was $1.0 million and $0.5 million, respectively.

Information related to our leases is as follows (in thousands):

​

​	​	​	​	​	​	​	​	​
​	​	Balance Sheet Location	​	September 30, 2021		​	December 31, 2020
Operating Leases	​	​	​	​	​	​	​	​
Right-of-use asset	​	Operating lease right-of-use assets	​	$	8,024	​	$	8,668
Short-term lease liabilities	​	Accrued expenses and other current liabilities	​	$	1,231	​	$	1,231
Long-term lease liabilities	​	Operating lease noncurrent liabilities	​	$	7,647	​	$	8,318
​	​	​	​	​	​	​	​	​
Other information	​	​	​	​	​	​	​	​
Weighted average remaining lease term, operating lease			​	​	7.7 years	​	​	8.4 years
Weighted average discount rate, operating lease			​	​	4.29%	​	​	4.29%

​

​

Future minimum facility lease payments as of September 30, 2021, were as follows:

​

​	​	​	​
​	​	Operating Lease Payments
​	​	as of September 30, 2021
Year Ending December 31:		​	​
2021		$	321
2022	​		1,286
2023	​		1,286
2024	​	​	1,326
2025	​	​	1,407
Thereafter	​		4,807
Total undiscounted lease payments	​	$	10,433
Less: imputed interest	​	​	1,555
Present value of lease liabilities	​	$	8,878
Less: current portion of operating lease liabilities	​	​	1,231
Operating lease noncurrent liabilities	​	$	7,647

​

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- References

No definition available.

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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

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