The Company enters into contracts in the normal course of business with contract research organizations, or CROs, for clinical trials and contract manufacturing organizations, or CMOs, for clinical supply manufacturing and with vendors for equipment, preclinical research studies, research supplies and other services and products for operating purposes. As of March 31, 2021, these commitments were approximately $3.1 million due within three to 12 months. These contracts generally provide for termination on notice of 60 to 90 days. During the three months ended March 31, 2021, the Company terminated several contracts with its equipment vendors and CMOs. The termination of these contracts resulted in the cancelation of commitments totaling $3.7 million that were disclosed as of December 31, 2020. From this amount, the Company recognized $2.2 million in expenses in the Company’s statement of operations for the write-off of $1.3 million in equipment deposits and $900,000 in other commitments and cancellation fees. As of March 31, 2021, $561,000 in unpaid cancellation and other related costs are classified as accrued research and development on the balance sheet.

The Company leases a facility in Redwood City, California, under an operating lease with a term through August 2021 and in Baltimore, Maryland, under an operating lease with a term through June 2023. Rent expense for the three months ended March 31, 2021 and 2020 was $189,000 and $176,000, respectively. Future minimum lease payments under the Company’s non–cancelable operating leases as of March 31, 2021 were as follows (in thousands):

Year ended December 31:
2021 (remaining nine months)	$	462
2022		403
2023		205
Total future minimum lease payments	$	1,070

In the normal course of business, the Company enters into agreements that contain a variety of representations and provide for general indemnification. The Company’s exposure under these agreements is unknown because it involves claims that may be made against the Company in the future. To date, the Company has not paid any claims or been required to defend any action related to its indemnification obligations. As of March 31, 2021, the Company did not have any material indemnification claims that were probable or reasonably possible and consequently has not recorded related liabilities.