Leases

3 Months Ended

Jun. 30, 2020

At June 30, 2020, the Company has lease agreements, as lessee, for office space in Brisbane, California, which are accounted for as operating leases. The lease agreements do not contain a specified implicit interest rate; therefore, the Company’s estimated incremental borrowing rate was used to determine the present value of future minimum lease payments. The lease term for all of the Company’s leases includes the non-cancelable period of the lease and any periods covered by renewal options that the Company is reasonably certain to exercise. The Company currently has no other significant operating, financing, or short-term leases.

The components of operating lease expense for the Company’s office space were as follows (in thousands):


	Three Months Ended June 30,
	2020		2019
Operating lease cost	$	729	$	519

Variable lease cost ⁽¹⁾	90		9
Total operating lease cost	$	819	$	528

⁽¹⁾ Variable lease cost includes common area maintenance and utilities costs which are not included in operating lease liabilities and which are expensed as incurred.

Certain information related to the Company’s operating lease right-of-use assets and operating lease liabilities for its Brisbane, California office space are as follows (in thousands):


	Three Months Ended June 30,
	2020		2019
Cash paid for operating lease liabilities	$	729	$	496
Operating lease right-of-use assets obtained in exchange for new operating lease liabilities	$	—	$	9,181

As of June 30, 2020, the Company’s operating leases had a weighted average remaining lease term of 5.4 years and a weighted average discount rate of 12.3%.

As of June 30, 2020, maturities of operating lease liabilities were as follows (in thousands):


Years Ended March 31,
2021 (remainder of year)	$	2,210
2022	3,028
2023	3,127
2024	3,053
2025	2,409
Thereafter	2,898
Total lease payments	16,725
Less imputed interest	(4,569)
Present value of future minimum lease payments	12,156
Less operating lease liability, current portion	(1,585)
Operating lease liability, long-term portion	$	10,571