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Leases

6 Months Ended

Jun. 30, 2019

7. Leases

As of June 30, 2019, we had operating leases for laboratory and office space in San Diego, California, as well as office space in Jersey City, New Jersey, with remaining lease terms of 78 months and six months, respectively.

On 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 78 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 and six months ended June 30, 2019, we recognized $0.8 million and $1.7 million of operating lease expense, respectively. During the three and six months ended June 30, 2019, we paid $1.1 million and $2.1 million, respectively, for our operating leases.

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

Year Ending June 30,
2020	$	2,599
2021		2,761
2022		2,842
2023		2,925
2024		2,660
Thereafter		2,104
Total future minimum lease payments	$	15,891
Less: discount		(2,918	)
Total lease liabilities	$	12,973