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Leases

12 Months Ended

Dec. 31, 2020

11. Leases

The Company leases office space in Cambridge, Massachusetts under a non-cancelable operating lease that expires in September 2024. The Company also leases office space in Woburn, Massachusetts under a

non-cancelable operating lease

that expires in January 2022. In the first quarter of 2020, the Company entered into

a three-year non-cancelable operating

lease in Seattle, Washington under which lease payments commenced in the second quarter of 2020.

In connection with the acquisition of Crosspointe, the Company acquired

a ten-year non-cancelable

operating lease in Evansville, Indiana that expires in August 2030.

As of December 31, 2020 and 2019, the Company maintained security deposits of $0.5 million and $0.4 million, respectively, with the landlords of its leases, which amounts are included in other assets on the Company’s consolidated balance sheet.

The components of lease cost under ASC 842 were as follows (in thousands):


	Year Ended December 31, 2020
Operating lease cost	$	2,590
Short-term lease cost		—
Variable lease cost		387

	$	2,977

Supplemental disclosure of cash flow information related to leases was as follows (in thousands):


	Year Ended
	December 31, 2020
Cash paid for amounts included in the measurement of operating lease liabilities	$	2,747
Operating lease liabilities arising from obtaining right-of-use assets	$	541

The weighted-average remaining lease term and discount rate were as follows:


	December 31, 2020
Weighted-average remaining lease term - operating leases (in years)		4.44
Weighted-average discount rate - operating leases		4.67	%

Because the interest rate implicit in the lease was not readily determinable, the Company’s incremental borrowing rate was used to calculate the present value of the leases. In determining its incremental borrowing rate, the Company considered its credit quality and assessed interest rates available in the market for similar borrowings, adjusted for the impact of collateral over the term of the lease.

Future annual lease payments under the Company’s leases as of December 31, 2020 were as follows (in thousands):


Year Ending December 31,
2021	$	3,025
2022		2,872
2023		2,785
2024		2,099
2025		177
Thereafter		826

Total future minimum lease payments		11,784
Less: imputed interest		(1,098	)

Total operating lease liabilities	$	10,686

The following table presents lease assets and liabilities and their classification on the consolidated balance sheet (in thousands):


Included in the balance sheet (in thousands):	December 31, 2020
Current operating lease liabilities	$	2,593
Operating lease liabilities, net of current portion		8,093

Total operating lease liabilities	$	10,686

Disclosures under ASC 840

The following table summarizes the future minimum lease payments due under the Company’s operating leases as of December 31, 2019 (in thousands), presented in accordance with ASC 840, the relevant accounting standard at that time:


Year Ending December 31,
2020	$	2,573
2021		2,659
2022		2,502
2023		2,534
2024		1,922
Thereafter		—

	$	12,190