Lease |
3 Months Ended |
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Mar. 31, 2023 | |
Leases [Abstract] | |
Lease | Lease The Company has a single lease for real estate, including laboratory and office space, and certain equipment, in Lexington, Massachusetts which commenced on May 1, 2020. A portion of the Company’s leased space is subject to an early termination option that becomes effective on the lease commencement date of a new lease for larger premises within the landlord’s commercial real estate portfolio (“New Lease”), and the Company may exercise its early termination option by providing the landlord with written notice of such election to terminate the lease agreement concurrently with the execution of the New Lease. The landlord has the option to terminate the lease agreement early by providing written notice to the Company eighteen months prior to December 31, 2025. The Company expects the lease to end as of December 31, 2025. As of March 31, 2023, the Company had an operating lease liability of $3.7 million and related right-of-use asset of $4.1 million related to its operating lease. As of December 31, 2022, the Company had an operating lease liability of $3.9 million and related right-of-use asset of $4.4 million related to its operating lease. The Company recorded lease cost of $0.4 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively. The total cash obligation over the approximately six-year term of this lease is $8.8 million. The Company paid $0.4 million and $0.3 million during the three months ended March 31, 2023 and 2022, respectively. The discount rate associated with the Company’s right-of-use asset is 9.95%.
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