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, the ARC 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 $5.0 million at March 31, 2021 and $4.5 million at March 31, 2020, 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 and Chapel Hill NC.

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 March 31, 2021, an operating lease right-of-use asset of $22,011 and an operating lease liability of $24,354 (including a current portion of $3,446) were reflected on the consolidated balance sheet. As of March 31, 2020, an operating lease right-of-use asset of $21,493 and an operating lease liability of $22,947 (including a current portion of $3,033) were reflected on the consolidated balance sheet. As of March 31, 2021, the Company had entered into finance leases for the purchase of plant and equipment that had net book values of $1,384. An associated finance lease liability of $1,280 (including a current portion of $835) was reflected on the consolidated balance sheet. As of March 31, 2020, the Company had entered into finance leases for the purchase of plant and equipment that had net book values of $2,126. An associated finance lease liability of $1,715 (including a current portion of $598) was reflected on the consolidated balance sheet.

	Year ended March 31,
	2021		2020
Operating lease cost	$	4,414	$	3,694
Finance lease cost
Amortization of right-of-use asset		998		832
Interest on lease liabilities		129		119
Short-term lease cost		62		69
Total lease cost	$	5,603	$	4,714

	Year ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities
Operating leases - operating cash flows	$	3,793	$	3,043
Finance leases - financing cash flows	$	633	$	524
Finance leases - operating cash flows	$	129	$	119
Non-cash leases activity
Right-of-use assets obtained in exchange for new operating lease liabilities	$	332	$	5,160
Right-of-use assets obtained in exchange for new finance lease liabilities	$	130	$	969

	As of March 31, 2021			As of March 31, 2020
Weighted average remaining lease terms (in years)
Operating leases	29.5			30
Finance leases		1.6		2.3
Weighted average discount rate
Operating leases		10.9	%		10.8	%
Finance leases		9.1	%		4.5	%

Future lease payments required under non-cancellable operating leases in effect as of March 31, 2021 were as follows:

	March 31, 2021			March 31, 2020
2022	$	3,819		$	3,335
2023		3,295			3,319
2024		3,285			3,050
2025		3,334			3,055
2026		2,237			3,105
Thereafter		71,347			66,138
Total lease payments	$	87,317		$	82,002
Less : imputed interest		(62,963	)		(59,055	)
Total operating lease liabilities	$	24,354		$	22,947

Future lease payments required under finance leases in effect as of March 31, 2021 were as follows:

	March 31, 2021			March 31, 2020
2022	$	935		$	720
2023		422			838
2024		42			349
2025		12			7
2026		—			—
Total lease payments		1,411			1,914
Less : imputed interest		(131	)		(199	)
Total finance lease liabilities	$	1,280		$	1,715