Operating Leases

12 Months Ended

Dec. 31, 2020

Note 9—Operating Leases

The Company leases office and manufacturing space under a non-cancelable operating lease that expires in March 2022. In August 2018, the Company entered into a third amendment to the lease, extending the term of the lease from March 31, 2019 to March 31, 2022. Beginning on April 1, 2019, the annual base rent is $9.00 per square foot, subject to annual increases of $0.25 per square foot.

The cost components of the Company’s operating lease were as follows for the year ended December 31, :

(in thousands)
	2020		2019
Operating lease cost	$	213	$	213
Variable lease cost		114		102
Total	$	327	$	315

Variable lease costs consist primarily of taxes, insurance, and common area or other maintenance costs for our leased office and manufacturing space.

Maturities of our lease liability for the Company’s operating lease are as follows as of December 31, :

(in thousands)	2020
2021	$	219
2022		55
Total lease payments		274
Less: Interest		(13	)
Present value of lease liability	$	261

As of December 31, 2020, and 2019 the remaining lease terms were 1.25 and 2.25 years, respectively, and discount rates were 7.5% for each year. For the years ended December 31, 2020, and 2019 the operating cash outflows from the Company’s operating lease for office and manufacturing space were $213,000 and $206,000, respectively.