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Leases

9 Months Ended

Sep. 30, 2019

7. Leases

As of September 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 75 months and three 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 75 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 nine months ended September 30, 2019, we recognized $0.6 million and $2.3 million of operating lease expense, respectively. During the three and nine months ended September 30, 2019, we paid $0.8 million and $2.9 million, respectively, for our operating leases.

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

Year Ending September 30,
2020	$	2,537
2021		2,783
2022		2,865
2023		2,948
2024		2,265
Thereafter		1,766
Total future minimum lease payments	$	15,164
Less: discount		(2,660	)
Total lease liabilities	$	12,504