The Company has historically entered into lease arrangements for its facilities and certain equipment. As of December 31, 2020, the Company had four operating leases with required future minimum payments. The Company’s leases generally do not include termination or purchase options.

In June 2017, the Company entered into a lease agreement for office and laboratory space in Montreal, Quebec, for a four-year term, ending in July 2021. As required under the terms of the lease agreement, the lease requires a standby letter of credit in the amount of $212, which remains unused as of December 31, 2020.

In November 2017, and as further amended throughout 2018, 2019 and 2020, the Company entered into a lease agreement for office and laboratory space located in Montreal, Quebec, for a three-year term ending in October 2020 which was extended through October 2022.

In June 2019, and further amended in August 2019, the Company entered into a lease agreement for office space in Cambridge, Massachusetts, for a two-year term, ending in May 2021.

In November 2019, the Company entered into a lease agreement for office and laboratory space for a 5 year term located in Montreal, Quebec which commenced in September 2020. The Company has an option for a 5 year renewal, which has not been recognized in the Company’s right-of-use asset or lease liability. As required under the terms of the lease agreement, the Company incurred prepaid rent of $1.0 million prior to commencement of the lease term, with the current portion previously accounted for within prepaid expenses and other current assets and the long-term portion accounted for within other assets. As of the commencement of the lease term, this prepaid rent has been reclassified to the right-of-use asset.

The following tables contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s operating leases for the years ended December 31, 2020 and 2019:

	December 31, 2020		December 31, 2019
	(in thousands)
Operating Leases
Lease Cost
Operating lease cost	$	999	$	411
Short-term lease cost	51		12
Variable lease cost	161		248
Total lease cost	$	1,211	$	671

	December 31, 2020			December 31, 2019
Other Operating Lease Information	(in thousands, except as specified otherwise)
Operating cash flows for operating leases	$	802		$	426
Right-of-use assets obtained in exchange for new operating lease liability	$	4,538		$	1,074
Weighted-average remaining lease term	4.5 years			1.79 years
Weighted-average discount rate		5.1	%		7.6	%

Variable lease costs for the years ended December 31, 2020 and 2019 include contingent rental usage, common area maintenance and other operating charges. As the Company’s leases do not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.

Future minimum lease payments under the Company’s operating leases as of December 31, 2020 were as follows:

	December 31, 2020
		(in thousands)
Maturity of Lease Liabilities
2021	$	871
2022		780
2023		1,053
2024		1,069
2025		720
Total lease payments	$	4,493
Less: interest		(488	)
Total lease liabilities	$	4,005