Leases (Tables)

12 Months Ended

Dec. 31, 2019

Leases [Abstract]

Operating Leases in the Consolidated Balance Sheet and Weight-Average Remaining Lease Term and Discount Rate

All of the Company's leases qualify as operating leases. The following table summarizes the presentation of the Company's operating leases in the consolidated balance sheet:

(in thousands)	As of December 31, 2019
Operating lease assets	$	21,158
Current operating lease liabilities	$	1,747
Operating lease liabilities, net of current portion	15,904
Total operating lease liabilities	$	17,651

The weighted-average remaining lease term and weighted-average discount rate of the Company's operating leases are as follows:

	As of December 31, 2019
Weighted-average remaining lease term in years	9.63
Weighted-average discount rate	5.36	%

Components of Lease Expense and Supplemental Cash Flow Information

The components of lease expense were as follows:

	Year Ended December 31,
(in thousands)	2019
Operating lease cost	$	1,223
Short-term lease cost	520
Variable lease cost	427
Total lease expense	$	2,170

Supplemental disclosure of cash flow information related to the Company's operating leases included in cash flows used in operating activities in the consolidated statement of cash flows were as follows:

	Year Ended December 31,
(in thousands)	2019
Cash paid for amounts included in the measurement of operating lease liabilities	$	532
Operating lease liabilities arising from obtaining operating lease assets	$	17,144

Summary of Future Annual Minimum Lease Payments Under Operating Leases

Future annual minimum lease payments under operating leases are as follows:

(in thousands)	As of December 31, 2019
2020	$	2,646
2021	2,088
2022	2,132
2023	2,177
2024	2,221
Thereafter	11,562
Total future minimum lease payments	22,826
Less: imputed interest	(5,175)
Total operating lease liabilities	$	17,651

Summary of Future Minimum Lease Payments under Operating Leases

As previously disclosed in the Company's 2018 Annual Report on Form 10-K and under the previous lease accounting standard, ASC 840, Leases, the Company recorded rent expense of $1.1 million and $0.6 million during the years ended December 31, 2018 and 2017, respectively, and the following table summarizes the future minimum lease payments due under the operating leases as of December 31, 2018:

(in thousands)	As of December 31, 2018
2019	$	726
2020	333
Total	$	1,059