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Leases
 9 Months Ended
Sep. 30, 2019
Leases [Abstract]  
Leases

(7)

Leases

The Company recognizes right-of-use (“ROU”) assets and lease liabilities when it obtains the right to control an asset under a leasing arrangement with an initial term greater than twelve months. The Company leases its facilities under non-cancellable operating and financing leases.

The Company evaluates the nature of each lease at the inception of an arrangement to determine whether it is an operating or financing lease and recognizes the ROU asset and lease liabilities based on the present value of future minimum lease payments over the expected lease term. The Company’s leases do not generally contain an implicit interest rate and therefore the Company uses the incremental borrowing rate it would expect to pay to borrow on a similar collateralized basis over a similar term in order to determine the present value of its lease payments.

 

The following table summarizes the Company’s operating and financing leases as of and for the nine months ended September 30, 2019:

 

(in thousands)

 

U.S.

 

 

Ireland

 

 

Total

 

Lease cost

 

 

 

 

 

 

 

 

 

 

 

 

Operating lease cost

 

$

592

 

 

$

160

 

 

$

752

 

Financing lease cost

 

 

32

 

 

 

—

 

 

 

32

 

Sublease income

 

 

(215

)

 

 

(133

)

 

 

(348

)

Total

 

$

409

 

 

$

27

 

 

 

436

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Other information

 

 

 

 

 

 

 

 

 

 

 

 

Operating cash flows out from operating leases

 

 

(634

)

 

 

(160

)

 

 

(794

)

Operating cash flows in from operating leases

 

 

215

 

 

 

133

 

 

 

348

 

Operating cash flows from financing leases

 

 

(35

)

 

 

—

 

 

 

(35

)

Right-of-use assets exchanged for new operating lease liabilities

 

 

874

 

 

 

—

 

 

 

874

 

Weighted average remaining lease term

 

 

1.4

 

 

 

1.8

 

 

 

 

 

Weighted average discount rate - operating leases

 

 

8

%

 

 

8

%

 

 

 

 

 

 

Maturities of the Company’s operating leases, excluding short-term leases, are as follows:

 

(in thousands)

 

U.S.

 

 

Ireland

 

 

Total

 

Three months ended December 31, 2019

 

$

129

 

 

$

51

 

 

$

180

 

Year ended December 31, 2020

 

 

498

 

 

 

203

 

 

 

701

 

Year ended December 31, 2021

 

 

79

 

 

 

119

 

 

 

198

 

Total

 

 

706

 

 

 

373

 

 

 

1,079

 

Less present value discount

 

 

(40

)

 

 

(27

)

 

 

(67

)

Operating lease liabilities included in the condensed consolidated

   balance sheets at September 30, 2019

 

$

666

 

 

$

346

 

 

$

1,012