Leases

12 Months Ended

Dec. 31, 2020

Leases [Abstract]

Leases

Leases

Effective January 1, 2019, the Company adopted the new lease accounting standard, ASC 842, Leases, using the modified retrospective method of applying the new standard at the adoption date. In addition, the Company elected to apply the package of practical expedients permitted under the transition guidance within the new standard. This allowed the Company to carry forward historical lease classification. Adoption of the standard resulted in the recording of lease right-of-use (“ROU”) assets and corresponding lease liabilities of approximately $4.0 million. The Company's financial position for reporting periods beginning on or after January 1, 2019 are presented under the new guidance, while prior periods amounts are not adjusted and continue to be reported in accordance with previous guidance. Operating lease expense for fiscal year 2018, under ASC 840, the predecessor to ASC 842, was $1.8 million.

A significant portion of the Company's operating lease portfolio includes office space, research and development facilities, information technology (“IT”) equipment, and automobiles. The majority of the Company's leases have remaining lease terms of one to four years. Substantially all lease expense is presented within SG&A in the consolidated statements of operations.

(in thousands)	Year Ended December 31,
	2020		2019		2018
Total lease expense	$	1,358	$	1,632	$	1,798

Supplemental cash flow information related to leases is as follows:

	December 31,
(in thousands)	2020		2019
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from leases	$	1,334	$	1,978
Right-of-use assets obtained in exchange for new operating lease liabilities	$	801	$	—

Supplemental balance sheet information related to leases is as follows:

	December 31,
(in thousands)	2020		2019
Operating leases
Total lease right-of-use assets	2,569		3,017
Lease liabilities - current portion	1,200		2,060
Lease liabilities - net of current portion	1,462		1,021
Total lease liabilities	2,662		3,081
Weighted-average remaining lease term
Operating leases	2.6 years		3.3 years
Weighted-average discount rate
Operating leases	4.0	%	4.0	%

The following table summarizes future lease payments for operating leases at December 31, 2020

(in thousands)	Operating leases
2021	1,253
2022	770
2023	684
2024	65
2025	—
Thereafter	—
Total lease payments	2,772
Less: portion representing imputed interest	(110)
Total	$	2,662