Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

8. Commitments and Contingencies

Leases

The Company leases its office facilities under non-cancellable operating lease agreements that expire at various dates through May 2033. Under the terms of the leases, the Company is responsible for certain insurance, property taxes and maintenance expenses. The office facilities lease agreements contain scheduled increases over the lease term. The related rent expense is calculated on a straight-line basis with the difference recorded as deferred rent. Rent expense was $4,534,000 and $1,250,000 for the years ended December 31, 2019 and 2018, respectively.

The Company leases certain property and equipment under capital leases. In 2017, the Company financed purchases of $226,000 under a capital lease agreement. Outstanding amounts under the capital lease agreements are generally secured by liens on the related property and equipment.

Future minimum lease payments under non-cancelable operating and capital lease agreements consisted of the following at December 31, 2019 (in thousands):


	Capital		Operating
	Leases		Leases
Years ending December 31:
2020		51		5,622
2021		51		6,697
2022		4		7,336
2023		—		7,037
2024		—		7,249
Thereafter		—		69,091
Total minimum lease payments		106	$	103,032
Less: amount representing interest		(6)
Present value of capital lease obligation		100
Less: current portion		(47)
Non-current portion	$	53

Litigation

The Company is not aware of any asserted or unasserted claims against it where it believes that an unfavorable resolution would have an adverse material impact on the operations or financial position of the Company.