Commitments and Contingencies

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies

Commitments and Contingencies

Note 13.  Commitments and Contingencies

Lease Commitments

As of December 31, 2020, the Company’s leased assets primarily 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 2020, 2019 and 2018, rent expense, including real estate taxes, was $0.4 million, $0.3 million, and $1.7 million, respectively. The leases are classified as operating leases.

Future minimum commitments as of December 31, 2020 under the Company’s lease agreements are approximately:

December 31,	Operating Leases (in thousands)
2021		244
2022		249
2023		250
2024		240
2025		101
	$	1,084

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. The Company currently leases approximately 11,000 square feet of office space at our Exton facility. The lease expires on May 31, 2025.

Vendor Financing Arrangement

In October 2020, the Company entered into a short-term financing arrangement with a third-party vendor to finance insurance premiums. As of December 31, 2020, the balance of $0.4 million, is scheduled to be paid in monthly installments through June 2020.