The Company leases office space for its corporate headquarters, located in South San Francisco, CA. The lease term is through April 30, 2023 and there are no stated renewal options. Operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term. In calculating the present value of the lease payments, the Company has elected to utilize its incremental borrowing rate based on the original lease term and not the remaining lease term. The lease includes non-lease components (e.g., common area maintenance) that are paid separately from rent based on actual costs incurred and therefore were not included in the right-of-use asset and lease liability but are reflected as an expense in the period incurred.

For the three months ended March 31, 2021 and 2020, the Company’s operating lease expense was $0.2 million and $0.2 million, respectively. The present value assumptions used in calculating the present value of the lease payments were as follows:

	March 31, 2021			December 31, 2020
Weighted-average remaining lease term	2.08 years			2.33 years
Weighted-average discount rate		5.7	%		5.7	%

The maturity of the Company’s operating lease liabilities as of March 31, 2021 were as follows (in thousands):

Undiscounted lease payments	Operating Leases
Remaining in 2021	$	557
2022		762
2023		259
Total undiscounted lease payments		1,578
Less imputed interest		(94	)
Total operating lease liability	$	1,484

Supplemental cash flow information related to operating leases was as follows (in thousands):

Three Months Ended March 31,

2021

2020

Cash paid for leases that were included in operating

cash outflows

182

142