The Company has a lease agreement for approximately 6,272 square feet of office space in Seattle, Washington, for the Company’s principal executive offices, a laboratory for research and development and related uses. The lease became effective on September 23, 2019, commenced on October 1, 2019 and expires on October 31, 2021, unless terminated earlier. The Company is also responsible for the payment of additional rent to cover the Company’s share of the annual operating and tax expenses and utilities costs for the building.

The Company has a new lease agreement for approximately 33,300 square feet of office space in Seattle, Washington, for the Company’s future principal executive offices, a laboratory for research and development and related uses (the “New Seattle Lease”). The lease commenced on January 15, 2020 and rent obligations are scheduled to commence on December 1, 2020. The lease expires on December 1, 2028, with the option to extend the lease for two five-year terms. The lease provides for a tenant improvement allowance of $8.0 million, which is included in the base rent, and an optional additional tenant improvement allowance with a maximum amount of $1.5 million, which will result, if elected, in additional rent amortized over the term of the lease. The Company will also be responsible for the payment of additional rent to cover the Company’s share of the annual operating and tax expenses and utilities costs for the building. In January 2020, the Company issued an irrevocable letter of credit in the amount of $0.5 million for the security deposit, in accordance with the terms of the lease.

The Company has a lease agreement for approximately 10,946 square feet of office space in Vancouver, Canada, which commenced on November 1, 2016 and expires October 31, 2021, with the option to extend the lease to October 31, 2026. In addition to the basic rent, the Company is obligated to pay for taxes, operating costs, utilities, additional services and other amounts.

The Company has a finance lease liability for laboratory equipment which expires June 2023. The Company is obligated to make five annual payments for an aggregate purchase price of $0.3 million. All rights and title will transfer to the Company upon receipt of the final payment.

As of March 31, 2020, and December 31, 2019, the Company’s operating lease right-of-use assets were $10.3 million and $0.8 million, respectively. The Company’s finance lease right-of-use assets were $0.3 million as of March 31, 2020 and December 31, 2019.

	THREE MONTHS ENDED MARCH 31,
(in thousands)	2020		2019
Finance lease cost
Amortization of right-of-use assets	$	12	$	—
Interest on lease liabilities		—		—
Operating lease cost		528		31
Short term lease cost		28		—
Variable lease cost		74		48
Total net lease cost	$	642	$	79

	THREE MONTHS ENDED MARCH 31,
	2020		2019
Weighted average remaining lease term – finance leases	3.12 years		1.42 years
Weighted average remaining lease term – operating leases	8.11 years		2.58 years
Weighted average discount rate – finance leases		7.11%		6.94%
Weighted average discount rate – operating leases		12.63%		6.00%

	THREE MONTHS ENDED MARCH 31,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	310	$	41
Cash paid for amounts included in the measurement of finance lease liabilities		2		2
Operating lease liabilities arising from obtaining right-of-use assets		9,614		515

The calculation of the present value of the operating lease payments for the Vancouver lease and the lease for the future principal offices and laboratory space did not include the options to extend the lease.

At March 31, 2020, the future payments under the Company’s operating and finance lease liabilities were as follows:

(in thousands)	FINANCE LEASE			OPERATING LEASE
December 31, 2020 (remaining nine months)	$	62		$	414
December 31, 2021		60			2,502
December 31, 2022		60			2,086
December 31, 2023		60			2,139
December 31, 2024		—			2,192
Thereafter		—			9,124
Total undiscounted lease payments		242			18,457
Less: imputed interest		(37	)		(7,734	)
Total lease liabilities		205			10,723
Less: current portion		(59	)		(541	)
Non-current lease liabilities – March 31, 2020	$	146		$	10,182