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Lease | 3 Months Ended
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Mar. 31, 2021
Lessee Disclosure [Abstract] |
Lease |
5. | Lease
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. For the three months ended March 31, 2021 and 2020, the Company’s operating lease expense was $0.2 million and $0.2 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows:
|  |  | March 31, 2021 |  |  | December 31, 2020 |
Weighted-average remaining lease term |  |  | 2.08 years |  |  | 2.33 years |
Weighted-average discount rate |  |  |  | 5.7 | % |  |  | 5.7 | %
The maturity of the Company’s operating lease liabilities as of March 31, 2021 were as follows (in thousands):
Undiscounted lease payments | Operating Leases |
Remaining in 2021 | $ | 557 |
2022 |  | 762 |
2023 |  | 259 |
Total undiscounted lease payments |  | 1,578 |
Less imputed interest |  | (94 | )
Total operating lease liability | $ | 1,484 |
Supplemental cash flow information related to operating leases was as follows (in thousands):
|  |  | Three Months Ended March 31, |
|  |  | 2021 |  |  | 2020 |
Cash paid for leases that were included in operating cash outflows |  |  | $ | 182 |  |  | $ | 142 |

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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