16. Leases

The Company leases real estate, including laboratory, manufacturing and office space. The Company’s leases have remaining lease terms ranging from less than 1 year to 8 years. Certain leases include one or more options to renew, exercised at the Company’s sole discretion, with renewal terms that can extend the lease term from one year to six years. All of the Company’s leases qualify as operating leases.

In October 2017, the Company entered into an amendment to a lease agreement for the Company’s laboratory and manufacturing space located at 34 Crosby Drive and 36 Crosby Drive, each in Bedford, Massachusetts. The lease term commenced on June 30, 2018 and will expire on July 31, 2023. The Company has a one-time option to terminate the lease on July 31, 2021.

In June 2016, the Company entered into a lease agreement for approximately 70,712 square feet of general office, research and development and manufacturing space located at 15 Crosby Drive in Bedford, Massachusetts. The lease term commenced on February 1, 2017 and will expire on July 31, 2027. The Company has the option to extend the for two additional periods of five years by delivering written notice of the exercise not earlier than fifteen months nor later than 12 months before expiration of the original term.

On April 4, 2019, the Company entered into a non-cancelable lease for 30,036 square feet of space located at 24 Crosby Drive in Bedford, Massachusetts to be used for office space. The five-year lease commenced on April 18, 2019 and terminates on March 24, 2024 and does not include any lease renewal options.

The following table summarizes the presentation in the Company’s consolidated balance sheet of its operating leases:


		December 31,
	Balance sheet location	2019
Assets:
Operating lease assets	Operating lease assets	$	6,655

Liability:
Current operating lease liabilities	Operating lease liabilities	$	1,126
Non-current operating lease liabilities	Operating lease liabilities, net of current portion		8,905
Total Operating lease liabilities:		$	10,031

The following table summarizes the effect of lease costs in the Company’s consolidated statements of operations and comprehensive loss:


		For the
		Year Ended
		December 31,
	Statement of operations and comprehensive loss location	2019
Operating lease costs	Research and development	$	1,638
	Selling and marketing		262
	General and administrative		315
		$	2,215

The minimum lease payments for the next five years and thereafter are expected to be as follows:


	December 31,
Year Ending December 31,	2019
2020		2,432
2021		2,483
2022		2,548
2023		2,357
2024		1,569
Thereafter		3,813
Total lease payments	$	15,202
Less: interest		5,171
Present value of operating lease liabilities	$	10,031

The minimum lease payments for the next five years and thereafter is expected to be as follows:

As of December 31, 2019, the weighted average remaining lease term was 6.47 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 13.55%.

Supplemental disclosure of cash flow information related to our operating leases included in cash flows provided by operating activities in our consolidated statements of cash flows is as follows:


	For the
	Year Ended
	December 31,
	2019
Cash paid for amounts included in the measurement of lease liabilities	$	2,215

During the years ended December 31, 2019, 2018 and 2017, the Company recognized $2,226, $1,788 and $1,733 of rental expense, respectively, related to office, laboratory, and manufacturing space.

ASC 840 Disclosures

The future minimum lease payments under the Company’s operating leases as of December 31, 2018, were as follows:


	2019		2020	2021	2022	2023	Thereafter	Total
Minimum lease payments	$	1,809	1,850	1,886	1,936	1,730	5,224	$	14,435