Right-of-use asset and lease liabilities (Tables)

6 Months Ended

Jun. 30, 2020

Right-of-use asset and lease liabilities

Schedule of lease cost, balance sheet and cash flow information

The table below presents the components of the Company’s lease costs for the periods indicated:

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Operating lease cost	$	1,289	$	1,022	$	2,579	$	1,919
Variable lease cost		153		101		298		182
Sublease income		(209)		(264)		(457)		(532)
Total lease cost	$	1,233	$	859	$	2,420	$	1,569

The table below presents the lease-related assets and liabilities recorded on the Consolidated balance sheets for the periods indicated.

	June 30,		December 31,
	2020		2019
	(in thousands)
Assets
Operating lease right-of-use assets	$	26,139		26,797
Liabilities
Current
Current operating lease liabilities		5,495		5,865
Non-current
Non-current operating lease liabilities		30,279		31,133
Total lease liabilities	$	35,774		36,998

Other information

The weighted-average remaining lease term as of June 30, 2020 is 9.8 years, compared to 10.3 years as of December 31, 2019 and the weighted-average discount rate as of June 30, 2020 is 11.33%, compared to 11.33% as of December 31, 2019. The Company derived the weighted-average discount rate, adjusted for differences such as in the term and payment patterns, from the Company’s loan from Hercules Capital which was refinanced immediately prior to the January 1, 2019 adoption date in December 2018.

Cash paid for amounts included in the measurement of lease liabilities for the periods indicated below was as follows:

	Three months ended June 30,				Six months ended June 30,
	2020		2019		2020		2019
	(in thousands)				(in thousands)
Operating cash flows for operating leases	$	1,731	$	603	$	3,155	$	2,016

Schedule of undiscounted cash flows and minimum lease payments

	Lexington		Amsterdam1)		Other1)		Total
	(in thousands)
2020 (six months remaining)	$	1,697	$	947	$	61	$	2,705
2021		3,455		1,894		141		5,490
2022		3,552		1,894		—		5,446
2023		3,650		1,894		—		5,544
2024		4,146		1,894		—		6,040
Thereafter		20,745		13,100		—		33,845
Total lease payments	$	37,245	$	21,623	$	202	$	59,070
Less: amount of lease payments representing interest payments		(13,790)		(9,498)		(8)		(23,296)
Present value of lease payments		23,455		12,125		194		35,774
Less: current operating lease liabilities		(3,407)		(1,894)		(194)		(5,495)
Non-current operating lease liabilities	$	20,048	$	10,231	$	—	$	30,279

(¹⁾ Payments are due in EUR and have been translated at the foreign exchange rate as of June 30, 2020, of $1.12/ €1.00).