The Company leases real estate, primarily laboratory, office and manufacturing space. The Company’s leases have remaining terms ranging from less than 1 year to 5 years. Certain leases include one or more options to renew, exercised at the Company’s sole discretion, with renewal terms that can extend the lease from one year to five years. The Company evaluated the renewal options in its leases to determine if it was reasonably certain that the renewal option would be exercised, and therefore should be included in the calculation of the operating lease assets and operating lease liabilities. Given the Company’s current business structure, uncertainty of future growth, and the associated impact to real estate, the Company concluded that it is not reasonably certain that any renewal options would be exercised. Therefore, the operating lease assets and lease liabilities only contemplate the initial lease terms. All of the Company’s leases qualify as operating leases. The following table summarizes the presentation in the Company’s condensed consolidated balance sheets of its operating leases:

	As of March 31, 2019
Assets:
Operating lease assets	$	13,202

Liabilities:
Operating lease liabilities	$	4,407
Operating lease liabilities, net of current portion		19,066
Total operating lease liabilities	$	23,473

The following table summarizes the effect of lease costs in the Company’s condensed consolidated statement of operations and comprehensive loss:

	For the Three Months Ended
	March 31, 2019
Operating lease costs	$	1,154
Short-term lease costs		648
Variable lease costs		726
Total lease costs	$	2,528

During the three months ended March 31, 2019, the Company made cash payments of $1,642 for operating leases.

The minimum lease payments for the next five years and thereafter is expected to be as follows (in thousands):

	As of March 31, 2019
2019 (remaining 9 months)	$	4,951
2020		6,382
2021		6,461
2022		6,390
2023		5,158
2024 and thereafter		—
Total future minimum lease payments	$	29,342
Less: interest		(5,869	)
Present value of operating lease liabilities	$	23,473

As of March 31, 2019, the weighted average remaining lease term was 4.56 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 11%.