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Leases | 6 Months Ended
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Jun. 30, 2021
Leases [Abstract] |
Leases | 13. LEASES The Company has historically entered into lease arrangements for its facilities. As of December 31, 2020, the Company had three operating leases with required future minimum payments. In applying the transition guidance under ASC 842, the Company determined the classification of these leases to be operating leases and recorded right-of-use assets and lease liabilities as of the effective dates. The Company’s leases generally do not include termination or purchase options. Equipment Leases The Company entered into an agreement with an equipment leasing company in the fall of 2018, which provided up to $1.4 million for equipment purchases in the form of sale and leasebacks or direct leases. As of June 30, 2021, the Company had completed the sale and leaseback for four pieces of equipment and is leasing three other items directly from the leasing company. The terms of the leases are three years and afterwards provide for either annual extensions or an outright purchase of the equipment. The equipment leases require two advance rental payments to be held as security deposits. The security deposits held amounted to approximately $0.1 million as of June 30, 2021 and December 31, 2020. They are included in other non-current assets on the condensed balance sheets. Operating Leases In December 2020, the Company entered into an operating lease for office space in Birmingham, Alabama, for a 63-month term, ending in March 2026, with an option to extend five years. Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. In December 2020, the Company entered into an operating lease for laboratory space in Birmingham, Alabama, for a 63-month term, ending in March 2026, with an option to extend five years. Throughout the term of the lease, the Company is responsible for paying certain costs and expenses, in addition to the rent, as specified in the lease, including a proportionate share of applicable taxes, operating expenses and utilities. The operating leases required security deposits at the inception of the lease. The security deposits amounted to approximately $17,000 for the six months ended June 30, 2021. They are included in non-current assets on the balance sheet. The following table contains a summary of the lease costs recognized under ASC 842 and other information pertaining to the Company’s finance and operating leases for the three and six months ended June 30, 2021 (in thousands):
|  | Three Months Ended June 30, 2021 |  |  | Six Months Ended June 30, 2021 |
Lease Cost |  |  |  |  |  |
Amortization of finance right-of-use assets |  | $ | 138 |  |  | $ | 250 |
Interest on finance lease liabilities |  |  | 25 |  |  |  | 46 |
Operating lease cost |  |  | 53 |  |  |  | 105 |
Short-term lease cost |  |  | 134 |  |  |  | 249 |
Variable lease cost |  |  | — |  |  |  | — |
Total lease cost |  | $ | 350 |  |  | $ | 650 |
|  | June 30, 2021 |
Other Operating Lease Information |  |  |
Cash paid for amounts included in the measurement of lease liability – finance leases |  | $ | 340 |
Cash paid for amounts included in the measurement of lease liability – operating leases |  | $ | 52 |
Weighted-average remaining lease term – finance leases |  |  | 2.0 |
Weighted-average remaining lease term – operating leases |  |  | 4.67 |
Weighted-average discount rate – finance leases |  |  | 10.2 | %
Weighted-average discount rate – operating leases |  |  | 10.4 | %
The following table reconciles the undiscounted cash flows to the operating and financing lease liabilities at June 30, 2021 (in thousands):
|  | Financing Leases |  |  | Operating Leases |
Remainder of 2021 |  | $ | 327 |  |  | $ | 105 |
2022 |  |  | 435 |  |  |  | 216 |
2023 |  |  | 253 |  |  |  | 223 |
2024 |  |  | 30 |  |  |  | 230 |
2025 |  |  | — |  |  |  | 237 |
Thereafter |  |  | — |  |  |  | 41 |
Total lease payment |  |  | 1,045 |  |  |  | 1,052 |
Less: interest |  |  | 96 |  |  |  | 219 |
Total lease liability |  | $ | 949 |  |  | $ | 833 |

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- References No definition available. + Details
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- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
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