The Company is party to four operating leases for office and laboratory space. The Company’s finance leases are immaterial both individually and in the aggregate. The Company has elected to apply the short-term lease exception to all leases of one year or less. Rent expense for the three months ended March 31, 2021 and 2020 was $98,000 and $42,000, respectively.

The Company has an operating lease for its corporate headquarters in Copenhagen, Denmark for office space that expires in October 2021 and has a renewal option which expires in October 2024. In June 2020, the Company amended the related lease agreement to include an additional 1,300 square feet of office space. The Company also has a lease agreement for office space in London, United Kingdom, that expires August 2022 and has a renewal option and a lease agreement for office space in Gothenburg, Sweden, that expires in September 2022. In January 2021, the Company entered into an operating lease agreement in Stevenage, United Kingdom, for laboratory space.

Quantitative information regarding the Company’s leases for the three months ended March 31, 2021 and 2020 is as follows:

	March 31,
Lease Cost	2021		2020
Operating lease cost (in thousands)	$	119	$	31
Other Information
Operating cash flows paid for amounts included in the measurement of lease liabilities (in thousands)	$	119	$	31
Operating lease liabilities arising from obtaining right-of-use assets (in thousands)	$	161	$	—
Weighted average remaining lease term (years)		2.6		4.2
Weighted average discount rate	8.0%		8.0%

As most of the Company’s leases do not provide an implicit rate, the Company used its incremental borrowing rate based on the information available at commencement date in determining the present value of lease payments.

Future lease payments under noncancelable leases are as follows at March 31, 2021 (in thousands):

	Operating
Future Lease Payments	Leases
2021 (excluding the period ended March 31, 2021)	$	370
2022		380
2023		200
2024		116
2025		—
Total lease payments		1,066
Less: imputed interest		(107	)
Total lease liabilities	$	959

In April 2021, the Company entered into an operating lease agreement for its corporate headquarters in Copenhagen, Denmark, for office space, which will supersede the Company’s existing lease agreement. The lease agreement expires in January 2025 and additional lease payments of $286,000 are not included in the future lease payments above.