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Lease

3 Months Ended

Mar. 31, 2019

The Company leases office space for its corporate headquarters, located in South San Francisco, CA. The lease term is through April 30, 2023 and there are no stated renewal options. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. In calculating the present value of the lease payments, the Company has elected to utilize its incremental borrowing rate based on the original lease term and not the remaining lease term. The lease includes non-lease components (e.g., common area maintenance) that are paid separately from rent based on actual costs incurred and therefore were not included in the right-of-use asset and liability but are reflected as an expense in the period incurred.

For the three months ended March 31, 2019, the Company’s operating lease expense was $0.2 million. The present value assumptions used in calculating the present value of the lease payments were as follows:

Weighted-average remaining lease term		4.1 years
Weighted-average discount rate			6.0	%

Future lease payments under non-cancelable leases as of March 31, 2019 were as follows:

Remaining in 2019	$	423
2020		578
2021		596
2022		613
2023		209
Total future minimum lease payments		2,419
Less imputed interest		(283	)
Total lease liability	$	2,136