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 lease liability but are reflected as an expense in the period incurred.

On July 17, 2020, the Company entered into an amendment to the existing lease agreement to lease additional office space for an aggregated undiscounted future payment of $0.4 million. This amendment will be treated as a separate lease with a lease term of 2.6 years and is expected to commence during the fourth quarter of 2020.

For the three and nine months ended September 30, 2020, the Company’s operating lease expense was $0.2 million and $0.6 million, respectively. For the three and nine months ended September 30, 2019, the Company’s operating lease expense was $0.2 million and $0.5 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows:

	September 30,			December 31,
	2020			2019
Weighted-average remaining lease term	2.58 years			3.33 years
Weighted-average discount rate		6.0	%		6.0	%

The maturity of the Company’s operating lease liabilities as of September 30, 2020 were as follows (in thousands):

Year	Undiscounted lease payments
Remaining in 2020	$	145
2021		596
2022		614
2023		209
Total undiscounted lease payments	$	1,564
Less imputed interest		(120	)
Total operating lease liability	$	1,444

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

Nine Months Ended September 30,

2020

2019

Cash paid for leases that were

included in operating cash outflows

433

420