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

Leases (Tables)

3 Months Ended

Mar. 31, 2021

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

	Three Months Ended March 31,
	2021		2020
Operating leases
Operating lease expense	$	726	$	561
Variable lease expense		125		130
Total operating lease expense	$	851	$	691

Finance leases
Amortization of right-of-use asset	$	—	$	2
Total finance lease expense	$	—	$	2

The following table summarizes the balance sheet classification of leases at March 31, 2021 (in thousands):

Operating leases
Operating lease right-of-use assets	$	10,625

Operating lease liabilities, current¹	$	2,386
Operating lease liabilities, non-current		11,586
Total operating lease liabilities	$	13,972

Included in other current liabilities.

The following table presents other information on leases:

	Three Months Ended March 31,
	2021			2020
Weighted average remaining lease term, operating leases	5.91 years			7 years
Weighted average remaining lease term, finance leases		0.0			0.6
Weighted average discount rate, operating leases		7.04	%		6.72	%
Weighted average discount rate, finance leases		0.00	%		6.81	%

Maturities of lease liabilities were as follows as of March 31, 2021 (in thousands):

Supplemental cash flow information related to the Company’s leases were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows operating leases	$	756	$	515
Financing cash flows finance leases	$	1	$	7