Leases

3 Months Ended

Mar. 31, 2024

9. Leases

The Company leases space under operating leases for administrative offices in New York, New York, and Waltham, Massachusetts and wet laboratory space in Watertown, Massachusetts. The Company also leased office space under operating leases, which had a non-cancelable lease term of less than one year and, therefore, management elected the practical expedient to exclude these short-term leases from right-of-use assets and lease liabilities.

The following table provides a summary of the components of lease costs and rent:


	Three Months Ended March 31,
	2024		2023
Operating lease cost	$	103	$	87
Variable lease cost		8		7
Total operating lease costs	$	111	$	94

The Company recorded operating lease costs of $95 and $94 within the general and administrative expenses line item in the unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, respectively. The Company recorded the operating lease costs of $16 and nil within the research and development expenses line item in the unaudited condensed consolidated statements of operations and comprehensive loss for the three months ended March 31, 2024 and 2023, respectively.

Maturities of operating lease liabilities, which do not include short-term leases, as of March 31, 2024, are as follows:


2024 (remaining 9 months)	$	314
2025		222
Total undiscounted operating lease payments		536
Less: imputed interest		(39	)
Present value of operating lease liabilities	$	497

Balance sheet classification:
Current portion of operating lease liabilities	$	400
Long-term operating lease liabilities		97
Total operating lease liabilities	$	497

The weighted-average remaining term of operating leases was 16 months and the weighted-average discount rate used to measure the present value of operating lease liabilities was 10.7% as of March 31, 2024.