Commitments and Contingencies

12 Months Ended

Dec. 31, 2019

Note 13. Commitments and Contingencies

Lease Commitments

As of December 31, 2019, the Company’s leased assets consisted of its office headquarters in Exton, Pennsylvania. Prior to the September 30, 2018 termination date, the Company also leased a facility in Cambridge, Massachusetts. During 2019, 2018 and 2017, rent expense, including real estate taxes, was $0.3 million, $1.7 million, and $2.4 million, respectively. The leases are classified as operating leases.

Future minimum commitments as of December 31, 2019 under the Company’s lease agreements are approximately:



December 31,	Operating Leases (in thousands)
2020	$	217
2021		224
2022		229
2023		235
2024		240
2025		100
	$	1,245

The Company entered into the Exton, Pennsylvania facility lease on April 1, 2015, which was subsequently amended on September 23, 2015 to include additional space. We currently lease approximately 11,000 square feet of office space at our Exton facility. The lease expires on May 31, 2025 as a result of the Company’s election to exercise its five-year renewal option.