In May 2017, BiomX Israel entered into a lease agreement for office space in Ness Ziona, Israel. The agreement is for five years beginning on June 1, 2017 with an option to extend for an additional five years. Monthly lease payments under the agreement are approximately $18. As a part of the agreement, the Company provided a bank guarantee to the landlord in the amount of approximately $95 representing four monthly lease payments. As of December 31, 2020, the bank guarantee expired and was not renewed. Lease expenses recorded in the consolidated statements of operations were $217 and $201 for the years ended December 31, 2020 and 2019, respectively.

In September 2019, BiomX Israel entered into an additional lease agreement for office space in Ness Ziona, Israel. The agreement is for five years beginning on September 8, 2019 with an option to extend for an additional three years. The option was not accounted for as part of the lease, given its low probability of being exercised. Monthly lease payments under the agreement are approximately $12. As a part of the agreement, the Company provided a bank guarantee to the landlord in the amount of approximately $63 representing four monthly lease and related payments. Lease expenses recorded in the consolidated statements of operations were $141 and $18 for the years ended December 31, 2020, and 2019, respectively.

In September 2020, BiomX Israel entered into a third lease agreement for office space in Ness Ziona, Israel for five years beginning on September 1, 2020, with an option to extend for an additional period until November 30, 2030. This agreement supersedes the abovementioned May 2017 and September 2019 lease agreements and sets the prior lease agreements' end date to March 31, 2021. Monthly lease payments under the new lease agreement are approximately $50. As part of the agreement, BiomX Israel is exempt from monthly payments under the new agreement until January 15, 2021. In addition, the lessor will reimburse BiomX Israel for costs incurred for leasehold improvements by a pre-defined amount. BiomX Israel will pay back the reimbursed amount with interest during the entire contract term. As a result, the Company recognized a lease incentive asset in an amount of $1,030 that is deducted from the operating lease right-of-use asset. BiomX Israel undertook to obtain a bank guarantee in favor of the landlord in the amount of approximately $208, representing four monthly lease and related payments. Lease expenses recorded in the consolidated statements of operations were $45 for the year ended December 31, 2020.

On October 1, 2020, the Company entered into a lease agreement for office space in Branford, Connecticut, U.S., for 25 months beginning on October 5, 2020. Monthly lease payments under the agreement are approximately $4. As part of the agreement, the Company is required to deposit $8 as a security, representing two monthly lease and related payments. Lease expenses recorded in the consolidated statements of operations were $13 for the year ended December 31, 2020.

Supplemental cash flow information related to operating leases was as follows:

As of December 31, 2020, the Company's operating leases had a weighted average remaining lease term of 9.9 years and a weighted average discount rate of 6%. The maturity analysis of operating leases as of December 31, 2020 were as follows: