Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

LeasesThe Company has operating leases primarily related to the Company's principal executive office, automobile leases and other IT related equipment. The lease for the principal executive office has a lease term of 5 years and the automobile leases and IT equipment leases primarily have a term of 3 years. During year ended December 31, 2020, the right of use operating lease assets and operating lease liabilities recognized on the balance sheet increased by $4.5 million and $4.5 million from December 31, 2019, respectively, due to the addition of automobile leases and IT equipment associated with the onboarding of the Company’s commercial sales force to support the commercialization of NEXLETOL and NEXLIZET. During the years ended December 31, 2020 and December 31, 2019, the Company recognized $2.2 million and $0.3 million, respectively, of operating lease costs, recognized on the statements of operations, and paid cash for the amounts included in the measurement of lease liabilities of $2.2 million and $0.3 million, respectively, which were included in operating cash flows on the statements of

cash flows. At December 31, 2020 and December 31, 2019, the weighted-average remaining lease term of operating leases was 2.3 years and 3.3 years, respectively, and the weighted average discount rate was 3.5% and 6.5%, respectively. There were no right-of-use assets obtained in exchange for lease obligations in the twelve months ended December 31, 2020 and December 31, 2019. The Company had no additional operating and finance leases that have not yet commenced as of December 31, 2020.

The total rent expense for the year ended December 31, 2018, recognized prior to the adoption of ASU 2016-2, was approximately $0.3 million.

The following table summarizes the Company's future maturities of operating lease liabilities as of December 31, 2020:

	(in thousands)
2021	$	2,746
2022	2,711
2023	830
Total lease payments	6,287
Less imputed interest	246
Total	$	6,041

The following table summarizes supplemental balance sheet information related to leases as of December 31, 2020:

Operating Leases	(in thousands)
Total right of use operating lease assets	$	6,030
Operating lease liabilities (short-term)	$	2,587
Operating lease liabilities (long-term)	3,454
Total lease obligations under operating leases	$	6,041