Effective January 1, 2019, the Company adopted ASC 842 using the modified retrospective approach for leases existing as of the period of adoption. The Company utilized the available practical expedients, allowing it to among other things carry forward its historical assessment of whether existing agreements are or contain a lease and the classification of existing lease agreements.

The Company has existing operating leases for certain office equipment and its facility with initial terms ranging from 48 months to 130 months. The facility lease has an option for the Company to extend the lease term for an additional five years; however, it is not reasonably certain the Company will exercise the option to renew when the lease term ends in 2027, and thus, the incremental term was excluded from the calculation of the lease liability. The Company has the right to terminate the lease at the end of the 94th month of the lease term if it is acquired by a third party and pays an early termination fee.

On March 31, 2019, the Company entered into a lease for certain equipment with an initial term of 24 months, which includes a purchase option at the end of the lease term based upon the then fair market value of the equipment. The lease payment includes customary principal and interest as well as costs related to the installation and setup of the equipment. The Company evaluated the lease in accordance with ASC 842 and recorded this lease as an operating lease in the condensed balance sheets.

The ROU assets associated with all the Company’s operating leases are recognized in the condensed balance sheets. Rent expense was $0.8 million for each of the three months ended March 31, 2019 and 2018.

On March 31, 2019, the Company entered into a lease for certain computer equipment with an initial term of 24 months, which includes an option to purchase the equipment at the end of the lease term that is expected to be exercised. The lease payment includes customary principal and interest as well as costs related to the installation and setup of the equipment. The Company classified this lease as a finance lease in the accompanying condensed balance sheets. The associated right-of-use asset is recognized within property and equipment, net in the condensed balance sheets and is being amortized over three years in accordance with the Company’s standard depreciation and amortization policies.

	March 31, 2019
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	10
Right-of-use assets obtained in exchange for new lease liabilities:
Operating leases	$	81
Finance leases	$	134
Weighted-average remaining lease term:
Operating leases	8.5 years
Finance leases	2.0 years
Weighted-average remaining discount rate:
Operating leases		10.0	%
Finance leases		9.2	%

Lease Maturities:
	Operating Leases			Finance Leases			Total
Remaining in 2019	$	2,363		$	55		$	2,418
2020		3,231			74			3,305
2021		3,247			18			3,265
2022		3,333		—				3,333
2023		3,433		—				3,433
2024		3,536		—				3,536
Thereafter		10,284		—				10,284
Total minimum lease payments		29,427			147			29,574
Imputed interest		(9,957	)		(13	)		(9,970	)
Total		19,470			134			19,604
Less: leases, current		(3,171	)		(74	)		(3,245	)
Leases, net of current	$	16,299		$	60		$	16,359