Quarterly report pursuant to Section 13 or 15(d)

Lease Obligations

v3.5.0.2
Lease Obligations
3 Months Ended
Mar. 31, 2016
Leases [Abstract]  
Lease Obligations
Lease Obligations

The Company leases office and laboratory facilities in California, Kansas and New Jersey. These leases expire between 2016 and 2023, some of which are subject to annual rent increases which range from 3.0% to 3.5%. The Company currently subleases office and laboratory space in California and New Jersey. The following table provides a summary of operating lease obligations and payments expected to be received from sublease agreements as of March 31, 2016 (in thousands):

Operating lease obligations:
 
Lease
Termination
Date
 
Less than 1
year
1-2 years
3-4 years
Thereafter
Total
Corporate headquarters-
La Jolla, CA
 
June 2019
 
$
704

$
1,465

$
187

$

$
2,356

Corporate headquarters-San Diego, CA
 
April 2023
 
52

261

277

306

896

Bioscience and Technology Business Center-
Lawrence, KS
 
December 2017
 
54

41



95

Vacated office and research facility-
Cranbury, NJ
 
August 2016
 
1,089




1,089

Total operating lease obligations
 
 
 
$
1,899

$
1,767

$
464

$
306

$
4,436

 
 
 
 
 
 
 
 
 
Sublease payments expected to be received:
 
 
 
 
 
 
 
 
Corporate headquarters-
La Jolla, CA
 
June 2019
 
$
443

$
920

$
116

$

$
1,479

Office and research facility-
Cranbury, NJ
 
August 2016
 
88




88

Net operating lease obligations
 
 
 
$
1,368

$
847

$
348

$
306

$
2,869




As of March 31, 2016 and December 31, 2015, the Company had lease exit obligations of $0.6 million and $0.9 million, respectively. For the three months ended March 31, 2016 and 2015, the Company made cash payments, net of sublease payments received of $0.6 million and $0.9 million, respectively. The Company recognized adjustments for accretion and changes in leasing assumptions of $0.2 million for the three months ended March 31, 2016 and 2015.