Quarterly report pursuant to Section 13 or 15(d)

Operating Leases

v3.19.3
Operating Leases
9 Months Ended
Sep. 30, 2019
Operating leases  
Operating leases

Note 4 – Operating leases

The following table shows the lease costs for the three and nine months ended September 30, 2019 (in thousands):

Three months ended

Nine months ended

September 30, 

September 30, 

2019

     

2019

Lease cost:

Operating lease cost

$

989

 

$

3,003

Short-term lease cost

 

62

 

230

$

1,051

 

$

3,233

Nine months ended

September 30, 

2019

Other information:

Operating cash flows from operating leases (in thousands)

$

3,176

September 30, 

2019

Weighted-average remaining lease term - operating leases

7.5 years

Weighted-average discount rate - operating leases

7.2%

The maturities of operating lease liabilities are as follows (in thousands):

     

Operating leases

     

2019

 

$

1,003

 

2020

 

4,033

2021

 

4,077

2022

 

4,082

2023

 

3,775

after 2023

 

16,076

Total lease payments

33,046

Less: Imputed interest

(8,111)

Present value of lease liability

$

24,935

The Company has operating leases in relation to property for office and research facilities. The maximum lease term without activation of termination options is to 2041.