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Prepaid Expenses and Other Current Assets
3 Months Ended
Mar. 31, 2018
Deferred Costs, Capitalized, Prepaid, and Other Assets Disclosure [Abstract]  
Prepaid Expenses and Other Current Assets
Prepaid Expenses and Other Current Assets

As of March 31, 2018, the Company had approximately $737 thousand recorded as prepaid expenses and other current assets. Approximately $245 thousand was related to a deposit made by the Company to Renaissance Lakewood, LLC ("Renaissance") (see Note 9 - Commitments) in August 2017. Per the terms of its agreement with Renaissance, the Company was obligated to make this deposit to fund the initial costs of the product development work to be performed by Renaissance on behalf of the Company. The Company had a prepaid expense balance of $418 thousand at December 31, 2017 associated with the deposit.

During the three months ended March 31, 2018, the Company prepaid for annual insurance. As of March 31, 2018, the Company has prepaid insurance in the amount of $233 thousand.

During the year ended December 31, 2017, the Company purchased approximately $100 thousand of research and development supplies related to the above referenced product development work being performed by Renaissance. As provided under the agreement with Renaissance, the Company is obligated to pay for all supplies and materials that are needed to complete this product development work. As of March 31, 2018 and December 31, 2017, the amount recorded as a prepaid expense is $100 thousand because it is estimated that these supplies will be used within 12 months of this reporting date.

The remaining balance consists primarily of prepaid expenses such as rent, other insurance, and software licenses.