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 monthly payment of $0.5 million. This amendment is treated as a separate lease with a lease term of 2.6 years and commenced during the fourth quarter of 2020.

For the years ended December 31, 2020 and 2019, the Company’s operating lease expense was $0.7 million and $0.6 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows:

	December 31,			December 31,
	2020			2019
Weighted-average remaining lease term	2.33 years			3.33 years
Weighted-average discount rate		5.7	%		6.0	%

The maturity of the Company’s operating lease liabilities as of December 31, 2020 were as follows (in thousands):

Undiscounted lease payments	Operating Leases
2021	$	739
2022		762
2023		259
Total undiscounted lease payments		1,760
Less: imputed interest		(116	)
Total operating lease liability	$	1,644

Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. The Company did not incur significant variable lease costs for the years ended December 31, 2020 and 2019.

Supplemental cash flow information for the years ended December 31, 2020 and 2019 related to operating leases was as follows (in thousands):


	Year Ended December 31,
	2020		2019
Cash paid for leases that were included in operating cash outflows	$	602	$	562