The Company has operating lease commitments for real estate and certain equipment in the United States, the United Kingdom, the Republic of Ireland and Switzerland. There are no sublease agreements in place. The Company has finance lease commitments for equipment in the United Kingdom and Switzerland.

The Company leases an 87,200 square foot conventional reagents manufacturing facility, with integrated offices and laboratories, in Edinburgh, Scotland. This lease commenced in March 2018, following completion of a sale and leaseback transaction, and expires in September 2052. Rent is recognized in the consolidated statement of comprehensive loss on a straight-line basis over the lease term. Additionally, the lease required the Company to provide a rent deposit of £3.6 million, which amounted to $4.7 million at December 31, 2019 and $4.7 million at March 31, 2019, and is included within other non-current assets in the consolidated balance sheets. In March 2015, the Company signed a five-year lease agreement for its corporate headquarters and MosaiQ manufacturing facility in Eysins, Switzerland. This lease was extended for a further five-year period to March 14, 2025. The Company also leases office space for commercial and development activities under one to three-year lease agreements in Newtown PA, Chapel Hill NC and Dublin, Republic of Ireland.

The operating lease commitments relating to equipment are not material. The finance lease commitments relate to specialized equipment required for manufacturing operations in both Edinburgh, Scotland and Eysins, Switzerland.

Many of the Company’s leases contain options to renew and extend lease terms and options to terminate leases early. Reflected in the right-of-use asset and lease liability on the Company’s balance sheet are the periods provided by renewal and extension options that the Company is reasonably certain to exercise, as well as the periods provided by termination options that the Company is reasonably certain not to exercise. The Company does not have any existing lease agreements with variable lease components.

In calculating the present value of future lease payments, the Company has elected to utilize its incremental borrowing rate based on the remaining lease term at the date of adoption. Incremental borrowing rates are the rates incurred to borrow on a collateralized basis over a similar term an amount equal to the lease payments in a similar economic environment. The Company has elected to account for each lease component and its associated non-lease component as a single lease component and has allocated all the contract consideration across the lease component only. There are no material non-lease components. As of December 31, 2019, an operating lease right-of-use asset of $22,798 and an operating lease liability of $24,296 (including a current portion of $3,157) were reflected on the condensed consolidated balance sheet. As of December 31, 2019, the Company had entered into finance leases for the purchase of plant and equipment that had net book values of $1,975. An associated finance lease liability of $1,472 (including a current portion of $522) was reflected on the condensed consolidated balance sheet.

	Quarter ended		Nine months ended
	December 31, 2019		December 31, 2019
Operating lease cost	$	950	$	2,760
Finance lease cost
Amortization of right-of-use asset		230		565
Interest on lease liabilities		29		84
Short-term lease cost		18		52
Total lease cost	$	1,227	$	3,461

	Nine months ended December 31, 2019
Cash paid for amounts included in the measurement of lease liabilities
Operating leases - operating cash flows	$	2,270
Finance leases - finance cash flows	$	337
Finance leases - operating cash flows	$	84
Non-cash leases activity
Right-of-use assets obtained in exchange for new operating lease liabilities	$	5,160
Right-of-use assets obtained in exchange for new finance lease liabilities	$	487

	As at December 31, 2019
Weighted average remaining lease terms (in years)
Operating leases	30.2
Finance leases	2.2
Weighted average discount rate
Operating leases		10.1	%
Finance leases		5.8	%

Future lease payments required under non-cancellable operating leases in effect as of December 31, 2019 were as follows:

	December 31, 2019
2020 (excluding the nine months ended December 31, 2019)	$	897
2021		3,441
2022		3,426
2023		3,159
2024		3,164
Thereafter		73,695
Total lease payments	$	87,782
Less : imputed interest		(63,486	)
Total operating lease liabilities	$	24,296

Future lease payments required under finance leases in effect as of December 31, 2019 were as follows:

	December 31, 2019
2020 (excluding the nine months ended December 31, 2019)	$	179
2021		578
2022		690
2023		207
2024		3
Thereafter		—
Total lease payments	$	1,657
Less : imputed interest		(185	)
Total finance lease liabilities	$	1,472

The Company adopted ASU 2016-02 on April 1, 2019 and, as required, the following disclosure is provided for periods prior to adoption. Future minimum lease payments required under non-cancellable operating leases in effect as of March 31, 2019 were as follows:

	March 31, 2019
2020	$	3,387
2021		1,861
2022		1,858
2023		1,830
2024		1,841
Thereafter		71,507
Total minimum future lease payments	$	82,284

Future annual lease payments required under finance leases in effect as of March 31, 2019 were as follows:

	March 31, 2019
2020		471
2021		369
2022		306
2023		190
Thereafter		—
Total minimum future lease payments	$	1,336