Operating Leases

12 Months Ended

Dec. 31, 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 expires at the end of June 2020, and the sublease for the Company's Princeton office 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 years ended December 31, 2019, 2018 and 2017, lease and rent expense was $1.0 million, $0.8 million and $3.6 million, respectively. Cash paid from operating cash flows for amounts included in the measurement of lease liabilities was $1.0 million year ended December 31, 2019. At December 31, 2019, the Company's operating leases had a weighted average remaining lease term of 0.5 years.

The following presents the maturity of the Company's operating lease liabilities as of December 31, 2019:



	December 31, 2019
2020	$	504
Total remaining obligation	$	504
Less imputed interest	$	(9	)
Present value of lease liabilities	$	495

During December 2019, the Company entered into a lease for office space located in Cranbury, New Jersey. The Company has recognized a right-of-use asset and lease liability of approximately $0.2 million when the lease commenced in February 2020. The term of the lease for the Company's Cranbury office expires at the end of February 2023.