On January 12, 2018, the Company entered into a lease agreement for office space located in Cambridge, Massachusetts. The lease agreement was set to expire in January 2023 and was terminated early in September 2022. The annual lease payments were subject to a 3% increase each year. The Company received a tenant incentive allowance of $842 in 2018. In accordance with the lease agreement, the Company was required to maintain a security deposit of $209, which was recorded in restricted cash as of December 31, 2021.

On August 31, 2018, the Company entered into a sublease agreement for lab space located in Cambridge Massachusetts, United States, which was set to expire in October 2020. On June 9, 2020, the Company amended the terms of the sublease, which was set to expire in April 2022. Effective January 1, 2022, the Company amended the terms of the sublease, to extend the term through April 2023. In July 2022, the company moved our corporate headquarters to our subleased space in this location. Effective January 24, 2023, the Company amended the terms of the sublease, which is now set to expire in April 2024. The annual lease payments are subject to a 5% increase each year. In accordance with the lease agreement, the Company is required to maintain a security deposit of $283, which was recorded in restricted cash as of December 31, 2022 and 2021.

On June 1, 2020, the Company entered into a lease agreement for office space located in Toronto, Ontario, Canada, which is set to expire in June 2025. The annual lease payments are fixed for years 1 and 2, and then subject to a 6.67% increase for years 3 through 5. In accordance with the lease agreement, the Company is required to maintain a security deposit of CAD$27, which was recorded in other long-term assets as of December 31, 2022 and 2021. In October 2022, the Company entered into a sublease agreement to sublease this space. The term of the sublease agreement commenced on October 1, 2022 and expires on June 29, 2025.

The following table summarizes the effect of lease costs in the Company’s consolidated statement of operations and comprehensive loss:


	Year ended December 31, 2022
Operating lease costs	$	2,994
Sublease income		(23	)
Total lease costs	$	2,971

During the year ended December 31, 2022 the Company made cash payments for operating leases of $3,167.

As of December 31, 2022, future minimum payments of operating lease liabilities are as follows (in thousands):


	As of December 31, 2022
2023	$	1,007
2024		138
2025		69
2026		—
2027		—
Thereafter		—
Total lease payments	$	1,214
Less: interest		(53	)
Plus: FX gain/loss		26
Present value of lease liabilities	$	1,187

As of December 31, 2022, the weighted average remaining lease term was 0.9 years and the weighted average incremental borrowing rate used to determine the operating lease liability was 10.58%.

Future minimum payments required under the leases as of December 31, 2021 presented in accordance with ASC 840, the relevant accounting standard at that time (in thousands):


Year Ending December 31,
2022	$	1,297
2023		208
2024		147
2025		73
Total	$	1,725