Leases

3 Months Ended

Mar. 31, 2020

Leases, Operating [Abstract]

Leases

7. Leases  

In June 2012, the Company entered into a master lease for the Company’s corporate office headquarters in Boston, which was originally set to expire in August 2016, but renewed through August 31, 2021. As of March 31, 2020 and December 31, 2019, a total security deposit of $0.1 million is included in deposits on the Company’s balance sheet. On January 30, 2018, the Company entered into a lease agreement for office space in Houston at MD Anderson. Under the terms of the Houston lease agreement, the Company leases approximately two hundred and ten square feet and are required to make rental payments at an average monthly rate of approximately $1 thousand through April 2021. All future rent expense incurred in Houston, will be deducted from the Company’s prepayments at MD Anderson.

On March 12, 2019, the Company entered into a lease agreement for office space in Houston. Under the terms of the Houston lease agreement, the Company leases approximately one thousand and thirty-eight square feet and is required to make rental payments at an average monthly rate of approximately $2.0 thousand through April 2021. On October 15, 2019, the Company entered into a lease agreement for additional office space in Houston. Under the terms of the Second Houston Lease, the Company leases approximately eight thousand four hundred and forty-three square feet and is initially required to make rental payments of approximately $17.0 thousand through February 2027, subject to an annual base rent increase of approximately 3.0% throughout the term.

The components of lease expense were as follows:

	Three Months Ended March 31,
(in thousands)	2020			2019
Operating lease cost	$	236		$	178
Total lease cost	$	236		$	178
Weighted-average remaining lease term (years)		4.39			2.40
Weighted-average discount rate		8.00	%		8.00	%

As of March 31, 2020, the maturities of the Company’s operating lease liabilities for the years ended December 31, were as follows (in thousands):

Maturity of Lease Liabilities	Operating Leases
2020 (excluding the three months ended March 31, 2020)	$	720
2021		701
2022		213
2023		220
2024		226
Thereafter		514
Total lease payments		2,594
Less: Imputed Interest and Adjustments		(403	)
Present value of lease payments	$	2,191