XOMA Royalty Corporation Quarterly report pursuant to Section 13 or 15(d)

Quarterly report pursuant to Section 13 or 15(d)

Lease Agreements (Tables)

Lease Agreements (Tables)

9 Months Ended

Sep. 30, 2020

Schedule of maturity of operating lease liabilities

The following table summarizes maturity of the Company’s operating lease liabilities as of September 30, 2020 (in thousands):


	Operating
Undiscounted lease payments	Leases
2020 (excluding nine months ended September 30, 2020)	$	47
2021		196
2022		202
2023		35
Thereafter		—
Total undiscounted lease payments		480
Present value adjustment		(30)
Total net lease liabilities	$	450

Schedule of cost components of operating leases

The following table summarizes the cost components of the Company’s operating leases for the three and nine months ended September 30, 2020 and 2019 (in thousands):


	Three Months Ended September 30,				Nine Months Ended September 30,
	2020		2019		2020		2019
Lease costs:
Operating lease cost	$	44	$	595	$	133	$	1,805
Variable lease cost ⁽¹⁾		2		375		5		1,346
Total lease costs	$	46	$	970	$	138	$	3,151

(1)

Under the terms of the lease agreements, the Company is also responsible for certain variable lease payments that are not included in the measurement of the lease liability. Variable lease payments include non-lease components such as common area maintenance fees.

Summary of supplemental cash flow information related to operating leases

The following information represents supplemental disclosure for the statement of cash flows related to operating leases (in thousands):


	Nine Months Ended September 30,
	2020		2019
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows under operating leases	$	141	$	1,975

Schedule of present value assumptions used in calculating the present value of lease payments


	September 30,		December 31,
	2020		2019
Weighted-average remaining lease term
Operating leases	2.42 years		3.17 years
Weighted-average discount rate
Operating leases	5.51	%	5.51	%