Leases

3 Months Ended

Jul. 31, 2021

Leases [Abstract]

Leases

6. Leases

The Company has a lease agreement for approximately 8,300 square feet of space for its headquarters located in Cambridge, Massachusetts that runs through September 2028.

The Company has lease agreements for approximately 13,400 square feet of office and research laboratory space located in Porton Down, United Kingdom that run through April 2028, with an option to terminate in April 2023, therefore the entire lease terms are included in the calculation of the lease liabilities. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew.  

The Company is also party to several operating leases for office and laboratory space as well as certain lab equipment. During the three months ended July 31, 2021, the Company signed an amendment to increase the amount of laboratory space it is leasing in Cambridge, Massachusetts. Per the terms of this amendment, average annual rent for this laboratory space will be approximately $300,000.

Total rent expense was $410,000 and $200,000 for the three months ended July 31, 2021 and 2020, respectively and is reflected in general and administrative expenses and research and development expenses as determined by the underlying activities.

The following table summarizes the maturity of undiscounted payments due under lease liabilities and the present value of those liabilities as of July 31, 2021 (in thousands):

Fiscal Years	Operating Leases
2022	$	1,105
2023		1,419
2024		1,292
2025		1,322
2026		1,353
Thereafter		3,336
Total lease payments		9,827
Less: imputed interest		(2,448	)
Total lease liabilities		7,379
Current lease liabilities		905
Long-term lease liabilities	$	6,474