Leases

9 Months Ended

Sep. 30, 2020

Leases [Abstract]

Leases

6. Leases

In June 2017, the Company entered into an operating lease agreement to lease the office space in Vancouver, Canada commencing March 1, 2018. The lease expires on February 28, 2023 and can be extended for an additional term of 5 years.

The components of lease expense and related cash flows for the three and nine months ended September 30, 2020 and 2019 were as follows:

	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
	(in thousands)
Operating lease cost	$	51	$	50	$	152	$	152
Short-term lease cost		7		30		36		88
		58		80		188		240
Operating cash flows used for operating leases	$	53	$	53	$	157	$	145

As of September 30, 2020, the weighted average remaining lease term and discount rate for the operating lease are 2.4 years and 6.5%, respectively.

As of September 30, 2020, maturities of lease liability due under the lease agreement are as follows:

Years Ending December 31:	Operating Leases
	(in thousands)
Remainder of 2020	$	53
2021		215
2022		171
Total lease payments		439
Less imputed interest		(29	)
Total	$	410

In addition to base rent, the lease requires payment of non-lease and non-component costs. These costs are not included in the table above.

As a result of prolonged office closure due to COVID-19, the Company determined the carrying value of the operating right-of-use asset was not fully recoverable. Based on current market conditions, the Company recorded an impairment charge of $0.1 million during the three months ended September 30, 2020.