Operating Leases

9 Months Ended

Sep. 30, 2019

The Company leases office space located in New York, New York and Princeton, New Jersey under non-cancelable operating lease arrangements. The lease for the Company's New York office space expires at the end of June 2020, whereas the sublease for the Company's Princeton office space expires in March 2020. As of January 1, 2019, the Company recognized right-of-use assets and lease liabilities of approximately $1.5 million, which represents the present value of its remaining lease payments using a weighted average estimated incremental borrowing rate of 6%.

For the three and nine months ended September 30, 2019, lease and rent expense was $0.3 million and $0.8 million, respectively. Cash paid from operating cash flows for amounts included in the measurement of lease liabilities was $0.3 million and $0.8 million, respectively, for the three and nine months ended September 30, 2019. At September 30, 2019, the Company's operating leases had a weighted average remaining lease term of 0.7 years.

The following presents the maturity of the Company's operating lease liabilities as of September 30, 2019:



	September 30, 2019
Remainder of 2019	$	260
2020	504
Total remaining obligation	764
Less imputed interest	(19		)
Present value of lease liabilities	$	745