Leases

6 Months Ended

Jun. 30, 2021

Leases [Abstract]

Leases

6. Leases

We have an operating lease for the portion of our corporate campus that Boulder Road and Westside own. We record the right to use the underlying asset for the operating lease term as an asset and our obligation to make lease payments as a liability for the 50% related to Westside.

Because the rate implicit in the lease is not readily determinable, we use our incremental borrowing rate to determine the present value of lease payments. Information related to our right of use asset and related lease liability were as follows:

		June 30,		December 31,
(in thousands)	Balance Sheet Classification	2021		2020
Right-of-use asset	Right-of-use lease asset, net	$	8,250	$	8,622
Operating lease liability (current)	Accounts payable, accrued and other liabilities	$	705	$	691
Operating lease liability (non-current)	Long-term lease liability		7,596		7,952
		$	8,301	$	8,643

	For the Three Months Ended June 30,
(in thousands)	2021		2020
Cash paid for operating lease liabilities	$	250	$	—

	For the Six Months Ended June 30,
(in thousands)	2021		2020
Cash paid for operating lease liabilities	$	500	$	—

Operating lease expense is recognized on a straight-line basis over the lease term. Future amortization of our lease liability as of June 30, 2021 was as follows:

(in thousands)
2021 (remaining)	$	500
2022		1,001
2023		1,001
2024		1,008
2025		1,035
Thereafter		5,396
Future lease payments, gross		9,941
Less: Imputed interest		(1,640	)
Operating lease liability	$	8,301