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Leases (Tables)
12 Months Ended
Dec. 31, 2020
Leases [Abstract]  
Summary of Lease Costs

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

 

 

Summary of Other Operating Lease Information

 

 

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

%

 

 

Summary of Future Minimum Lease Payments under Operating Leases

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