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Leases | 6 Months Ended
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Jun. 30, 2019
Leases [Abstract] |
Leases | 6. Leases The Company leases certain office space, laboratory facilities, and equipment. These leases require monthly lease payments that may be subject to annual increases throughout the lease term. Certain of these leases also include renewal options at the election of the Company to renew or extend the lease for an additional three to five years. These optional periods have not been considered in the determination of the right-of-use-assets or lease liabilities associated with these leases as the Company did not consider it reasonably certain it would exercise the options. The Company performed evaluations of its contracts and determined it has both operating and finance leases. In April 2019, the Company entered into a lease agreement (the “Las Cimas Lease”) for its corporate headquarters and laboratory space located in Austin, TX. The Las Cimas Lease includes approximately 30,000 square feet and commenced on April 30, 2019, with an expiration on April 30, 2028. The Company posted a customary letter of credit in the amount of $1.5 million as security, which is subject to automatic reductions per the terms of the Las Cimas Lease. A tenant allowance of up to $1.0 million is provided by the lessor. The following table summarizes the Company’s recognition of its operating and finance leases (in thousands):
| Classification |  | June 30, 2019 |
Assets |  |  |  |  |
Operating | Operating lease right-of-use assets |  | $ | 5,018 |
Finance | Other non-current assets |  |  | 70 |
Total leased assets |  |  |  | 5,088 |
Liabilities |  |  |  |  |
Current |  |  |  |  |
Operating | Operating lease liabilities |  |  | 328 |
Finance | Accrued and other current liabilities |  |  | 27 |
Non-current |  |  |  |  |
Operating | Non-current operating lease liabilities |  |  | 4,815 |
Finance | Other non-current liabilities |  |  | 45 |
Total lease liabilities |  |  | $ | 5,215 |
The following table summarizes the weighted-average remaining lease term and discount rates for the Company’s operating and finance leases:
|  | June 30, 2019 |
Lease term (years) |  |  |  |
Operating leases |  |  | 8.0 |
Finance leases |  |  | 2.5 |
Discount rate |  |  |  |
Operating leases |  | 10.6% |
Finance leases |  | 9.5% |
The Company incurred rent expense for its operating leases of $0.3 million and $0.2 million during the three months ended June 30, 2019 and 2018, respectively, and $0.4 million and $0.3 million during the six months ended June 30, 2019 and 2018, respectively, included within operating expenses in the results of operations. Cash paid for amounts included in the measurement of operating lease liabilities during the six months ended June 30, 2019 was $0.3 million and was included within net cash used in operating activities in the cash flows. The maturities of the Company’s operating and finance lease liabilities as of June 30, 2019 were as follows (in thousands):
|  | Operating Leases |  |  | Finance Leases |
2019 (excluding the six months ended June 30, 2019) |  | $ | 319 |  |  | $ | 17 |
2020 |  |  | 1,252 |  |  |  | 32 |
2021 |  |  | 1,061 |  |  |  | 32 |
2022 |  |  | 1,007 |  |  |  | — |
2023 |  |  | 1,037 |  |  |  | — |
Thereafter |  |  | 4,865 |  |  |  | — |
Total lease payments |  |  | 9,541 |  |  |  | 81 |
Less: |  |  |  |  |  |  |  |
Imputed interest |  |  | (3,394 | ) |  |  | (9 | )
Tenant allowance |  |  | (1,004 | ) |  |  | — |
Total |  | $ | 5,143 |  |  | $ | 72 |
As of December 31, 2018, future annual minimum lease payments, as defined under the previous lease accounting guidance of ASC Topic 840, due under non-cancelable operating leases at December 31 of each year are as follows (in thousands):
2019 |  | $ | 397 |
2020 |  |  | 409 |
2021 |  |  | 83 |
Thereafter |  |  | — |
Total minimum lease payments |  | $ | 889 |

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