9. Commitments and Contingencies Lease Agreements In October 2017, the Company entered into a non-cancelable operating facility lease agreement for 8,029 square feet of office space located at 2155 Park Blvd. in Palo Alto, California 94306. The lease commenced on March 1, 2018 and expires in February 2023 . The lease has a three-year renewal option prior to expiration; however, the Company is not reasonably assured to exercise this option. The lease includes rent escalation clauses throughout the lease term. In October 2017, the Company provided a security deposit of $0.3 million. The Company also has three additional operating leases that are included in its lease accounting but are not considered significant for disclosure. The maturity of the Companys operating lease liabilities were as follows (in thousands): Undiscounted lease payments September 30, 2020 Remaining in 2020 $ 160 2021 673 2022 662 2023 113 Total undiscounted payments 1,608 Less: imputed interest 160 Present value of future lease payments 1,448 Less: current portion of operating lease liabilities 565 Operating lease liabilities $ 883 Rent expense recognized for the Companys operating leases was $0.2 million and $0.1 million for the three months ended September 30, 2020 and 2019, respectively, and $0.5 million and $0.4 million for the nine months ended September 30, 2020 and 2019, respectively. 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 for the operating leases were $23,000 and $21,400 for the three months ended September 30, 2020 and 2019, respectively, and $0.1 million and $0.1 million for the nine months ended September 30, 2020 and 2019. The operating cash outflows for the operating lease liabilities were $0.5 million and $0.5 million for the nine months ended September 30, 2020 and 2019, respectively. As of September 30, 2020 and December 31, 2019, the weighted-average remaining lease terms were 2.4 years and 3.1 years, and weighted-average discount rates were 9.15% and 9.15%, respectively.