Molecular Templates, Inc. Quarterly report pursuant to Section 13 or 15(d)

Leases (Tables)

6 Months Ended

Jun. 30, 2020

The components of lease expense were as follows (in thousands):

	Three Months Ended June 30,		Six Months Ended June 30,
	2020		2020
Operating leases
Operating lease expense	$	561	$	1,123
Variable lease expense		130	$	246
Total operating lease expense	$	691	$	1,369

Finance leases
Amortization of right-of-use asset	$	2	$	4
Interest on lease liabilities		-		-
Total finance lease expense	$	2	$	4

The following table summarizes the balance sheet classification of leases at June 30, 2020 (in thousands):

Operating leases
Operating lease right-of-use assets, non-current	$	9,266

Operating lease liabilities, current¹	$	1,779
Operating lease liabilities, non-current		10,771
Total operating lease liabilities	$	12,550

Finance leases
Property and equipment, at cost	$	77
Accumulated depreciation		45
Property and equipment, net	$	32

Finance lease liabilities, current¹	$	6

Included in other current liabilities.

The following table presents other information on leases as of June 30, 2020:

Weighted Average

Remaining Lease

Term

Weighted Average

Discount Rate

Operating leases

7.0

6.71

Finance leases

0.5

6.51

Maturities of lease liabilities were as follows as of June 30, 2020 (in thousands):

Supplemental cash flow information related to the Company’s leases were as follows for the six months ended June 30, 2020 (in thousands):

Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,245
Operating cash flows from finance leases	$	—
Financing cash flows from finance leases	$	13