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Leases (Tables)
3 Months Ended
Mar. 31, 2021
Leases [Abstract]  
Components of Operating Lease Costs

The components of operating lease costs were as follows (in thousands):

 

 

THREE MONTHS ENDED

MARCH 31,

 

 

THREE MONTHS ENDED

MARCH 31,

 

 

 

2021

 

 

2020

 

Operating lease costs

 

$

1,209

 

 

$

1,212

 

Short-term lease costs

 

 

6

 

 

 

3

 

Variable lease costs

 

 

669

 

 

 

616

 

Sublease income

 

 

(357

)

 

 

 

 

 

$

1,527

 

 

$

1,831

 

Summary of Additional Lease Information

Additional lease information is summarized in the following table (in thousands, except lease term and discount rate):

 

 

 

THREE MONTHS ENDED

MARCH 31,

 

 

THREE MONTHS ENDED

MARCH 31,

 

 

 

2021

 

 

2020

 

Cash paid for amounts included in the measurement of operating

   lease liabilities

 

$

1,483

 

 

$

1,698

 

Weighted-average remaining lease term - operating leases (years)

 

 

8.7

 

 

 

9.7

 

Weighted-average discount rate - operating leases

 

 

10

%

 

 

10

%

Schedule of Undiscounted Cash Flows Used in Calculating the Operating Lease Liabilities and Amounts to be Received under the Sublease

Undiscounted cash flows used in calculating the Company’s operating lease liabilities and amounts to be received under the sublease at 35 CambridgePark Drive as of March 31, 2021 are as follows (in thousands):

Fiscal Year

 

OPERATING

LEASE

PAYMENTS

 

 

SUBLEASE

RECEIPTS

 

 

NET

OPERATING

LEASE

PAYMENTS

 

2021 (remainder of the year)

 

 

4,463

 

 

 

961

 

 

 

3,502

 

2022

 

 

6,123

 

 

 

483

 

 

 

5,640

 

2023

 

 

6,307

 

 

 

 

 

 

6,307

 

2024

 

 

6,496

 

 

 

 

 

 

6,496

 

2025

 

 

34,978

 

 

 

 

 

 

34,978

 

Total undiscounted cash flows

 

$

58,367

 

 

$

1,444

 

 

$

56,923

 

Less: Amounts representing interest

 

 

(20,206

)

 

 

 

 

 

 

 

 

Present value of lease liabilities

 

$

38,161