Leases (Tables)

3 Months Ended

Mar. 31, 2020

Leases

Schedule of operating and finance leases presentation in the consolidated balance sheets

Certain of the Company’s leases qualify as operating leases, and certain of its leases qualify as finance leases. The following table summarizes the presentation in the condensed consolidated balance sheets (in thousands):

		March 31,
	Balance sheet location	2020
Assets
Operating lease assets, net	Operating lease right of use assets	$	7,286
Finance lease assets, net	Finance lease right of use assets		1,471
Total lease assets			8,757
Liabilities
Current operating lease liability	Operating lease liabilities, current		1,798
Current finance lease liability	Accrued expenses and other current liabilities		156
Total current lease liabilities			1,954
Non-current operating lease liability	Operating lease liabilities, non-current		4,799
Non-current finance lease liability	Other non-current liabilities		324
Total non-current lease liabilities			5,123
Total lease liabilities		$	7,077

Summary of the effect of lease costs

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

		Three months ended
	Income statement location	March 31, 2020
Operating lease expenses	Research and development expenses	$	395
	General and administrative expenses		99
Finance lease amortization expenses	Research and development expenses		96
	General and administrative expenses		4
Interest on finance lease liabilities	Interest expenses		2
Sublease income	Other income (expense)		(38)
Net lease expense		$	558

Summary of maturities of operating lease liabilities

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

	March 31, 2020
	Operating lease		Finance lease		Total
2020 (remaining nine months)		1,368		114		1,482
2021		1,801		135		1,936
2022		1,800		120		1,920
2023		1,788		117		1,905
2024		127		10		137
Thereafter		—		—		—
Total lease payments		6,884		496		7,380
Less: interest		287		16		303
Present value of lease liabilities	$	6,597	$	480	$	7,077

Summary of maturities of finance lease liabilities

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

	March 31, 2020
	Operating lease		Finance lease		Total
2020 (remaining nine months)		1,368		114		1,482
2021		1,801		135		1,936
2022		1,800		120		1,920
2023		1,788		117		1,905
2024		127		10		137
Thereafter		—		—		—
Total lease payments		6,884		496		7,380
Less: interest		287		16		303
Present value of lease liabilities	$	6,597	$	480	$	7,077

Schedule of weighted average remaining lease term and weighted average discount rate of operating leases

	March 31,
	2020
Weighted average remaining lease term in years	3.8
Weighted average discount rate (1)	2.3	%

(1) The majority of the contracts are concluded in euros. The discount rate was determined on a currency-equivalent basis.

Schedule of weighted average remaining lease term and weighted average discount rate of finance leases

	March 31,
	2020
Weighted average remaining lease term in years	3.7
Weighted average discount rate (1)	1.7	%

(1) The contracts are concluded in euros. The discount rate was determined on a currency-equivalent basis.