Leases

As of

March 31, 2019,

we had operating leases for laboratory and office space in San Diego, California and Redwood City, California, as well as office space in Jersey City, New Jersey, with remaining lease terms of

months,

two

months and

three

months, respectively.

January 1, 2019,

on the adoption of ASC

842,

we recognized initial ROU lease assets of

$13.7

million and initial lease liabilities of

$14.5

million. Our weighted-average remaining lease term for our operating leases was

months. The option to extend our lease in San Diego was

not

recognized as part of our lease liability and ROU lease assets. During the

three

months ended

March 31, 2019,

we recognized

$0.9

million of operating lease expense. During the

three

months ended

March 31, 2019,

we paid

$1.0

million for our operating lease.

Future minimum lease payments under our operating leases are as follows (in thousands):

Year Ending March 31,
2020	$	2,941
2021		2,742
2022		2,821
2023		2,904
2024		2,988
Thereafter		2,514
Total future minimum lease payments	$	16,910
Less: discount		(3,155	)
Total lease liabilities	$	13,755