XML 95 R23.htm IDEA: XBRL DOCUMENT v3.20.1
Leases
12 Months Ended
Dec. 31, 2019
Leases [Abstract]  
Leases

(15) Leases

The majority of our operating lease agreements are for the office, research and development and manufacturing space we use to conduct our operations.

We lease space in Lexington, Massachusetts for our manufacturing, research and development, and corporate offices, office space in New York, New York for use as corporate offices, facilities in Berkeley, California, for manufacturing and corporate offices and facilities in Charlottesville, Virginia and Cambridge, United Kingdom for research and development and corporate offices. We have subleased a small portion of the space in our main Lexington facility for part of the associated head lease. These agreements expire at various times between 2020 and 2030, with options to extend certain of the leases.

We also have finance lease agreements for equipment used in our research and development and manufacturing activities which expire in 2020.

Lease information related to the adoption of ASC 842

The components of lease cost recorded in our condensed consolidated statement of operations were as follows (in thousands):

 

 

 

Year ended December 31, 2019

 

Operating lease cost

 

$

2,551

 

Finance lease cost

 

 

221

 

Variable lease cost

 

 

1,414

 

Sublease income

 

 

(561

)

      Net lease cost

 

$

3,625

 

Variable lease cost for the year ended December 31, 2019, primarily related to common area maintenance, taxes, utilities and insurance associated with our operating leases. Short-term lease cost for the year ended December 31, 2019 was immaterial.

Cash paid for amounts included in the measurement of operating lease liabilities for the year ended December 31, 2019 was approximately $1.4 million. Cash paid for amounts included in the measurement of finance lease liabilities for the year ended December 31, 2019 was immaterial.

The following table presents supplemental balance sheet information related to our leases as of December 31, 2019 (in thousands):

 

 

 

As of December 31, 2019

 

Operating Leases

 

 

 

 

Operating lease right-of-use assets

 

$

7,364

 

      Total operating lease right-of-use assets

 

 

7,364

 

 

 

 

 

 

Current portion, operating lease liabilities

 

 

1,347

 

Operating lease liabilities, net of current portion

 

 

8,020

 

      Total operating lease liabilities

 

 

9,367

 

 

 

 

 

 

Finance Leases

 

 

 

 

Property, plant and equipment, net

 

 

796

 

      Total finance lease right-of-use assets

 

 

796

 

 

 

 

 

 

Other current liabilities

 

 

148

 

      Total finance lease liabilities

 

$

148

 

Maturities of our operating lease liabilities in accordance with ASC 842 as of December 31, 2019 were as follows (in thousands):

 

Year

 

Operating Leases

 

 

Finance leases

 

 

Expected sublease receipts

 

 

Net future lease commitments

 

2020

 

$

2,788

 

 

$

159

 

 

$

(578

)

 

$

2,369

 

2021

 

 

2,566

 

 

 

 

 

 

 

 

 

 

 

2,566

 

2022

 

 

2,614

 

 

 

 

 

 

 

 

 

 

 

2,614

 

2023

 

 

2,162

 

 

 

 

 

 

 

 

 

 

 

2,162

 

2024

 

 

1,207

 

 

 

 

 

 

 

 

 

 

 

1,207

 

Thereafter

 

 

4,384

 

 

 

 

 

 

 

 

 

 

 

4,384

 

   Total

 

$

15,721

 

 

$

159

 

 

$

(578

)

 

$

15,302

 

      Less imputed interest

 

 

(6,354

)

 

 

(11

)

 

 

 

 

 

 

 

 

Present value of lease liabilities

 

$

9,367

 

 

$

148

 

 

 

 

 

 

 

 

 

Total future minimum lease payments of approximately $14.9 million for operating leases that had not yet commenced as of December 31, 2019, as we did not control the underlying assets, are not included in the consolidated financial statements. These leases commenced in January 2020 with a term of 10 years.

The weighted-average remaining lease terms and discount rates related to our operating leases were as follows:

 

 

 

December 31, 2019

 

Weighted average remaining lease term (in years)

 

 

6.2

 

Weighted average discount rate

 

 

16.6

%