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Commitments and Contingencies (Tables)
12 Months Ended
Dec. 31, 2022
Commitments and Contingencies Disclosure [Abstract]  
Summary of Assets and Liabilities Recorded on Consolidated Balance Sheet

The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of December 31, 2022 and 2021.

 

 

 

 

 

As of December 31,

 

 

2022

 

 

 

2021

 

Right-of-use asset

 

$

2,389

 

 

$

161

 

Current lease liability

 

 

721

 

 

197

 

Non-current lease liability

 

 

2,403

 

 

 

Components of Lease Costs

The components of the lease allocated between the general and administrative and the research and development expenses on the consolidated statement of operations for the years ended December 31, 2022 and 2021 were as follows:

 

 

 

 

 

 

Year Ended December 31,

 

 

 

2022

 

 

2021

 

Operating lease costs

 

$

811

 

 

$

281

 

Variable lease costs

 

 

78

 

 

 

37

 

Total lease costs

 

$

889

 

 

$

318

 

Summary of Remaining Lease Term and Discount Rate

The variable lease costs for the years ended December 31, 2022 and 2021 include common area maintenance and other operating charges associated with the Company’s lease of its principal office facilities in Boston, MA. As the Company’s lease does not provide an implicit rate, the Company utilized its incremental borrowing rate to discount lease payments, which reflects the fixed rate at which the Company could borrow on a collateralized basis the amount of the lease payments in the same currency, for a similar term, in a similar economic environment.

 

 

 

 

 

 

 

As of December 31,

 

 

 

2022

 

 

 

 

2021

 

 

Remaining lease term (in years)

 

 

4.0

 

 

 

0.5

 

 

Discount rate

 

3.1

 

%

 

 

7.0

 

%

Summary of Future Minimum Payments under Operating Leases

Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of December 31, 2022 were as follows:

 

2023

 

$

805

 

2024

 

 

821

 

2025

 

 

838

 

2026

 

 

855

 

Total lease payments

 

 

3,319

 

Less amount representing implied interest

 

 

(195

)

Total lease liability

 

$

3,124

 

Current portion of operating lease liabilities

 

 

721

 

Noncurrent portion of operating lease liabilities

 

$

2,403