Leases

12 Months Ended

Dec. 31, 2023

Leases [Abstract]

Leases

5. Leases

Operating Leases

The Company has entered into, and subsequently amended, an operating lease agreement with respect to its corporate headquarters located at 675 Massachusetts Avenue, Cambridge, Massachusetts where the Company leases approximately 23,400 square feet of office space. The Company's lease extends through July 2027.

For the years ended December 31, 2023 and 2022, the components of operating lease expense were as follows (in thousands):

Operating lease expense	Statement of Operations Location	December 31, 2023		December 31, 2022
Fixed operating lease expense	Research and development expense	$	1,048	$	824
	General and administrative expense		559		772
Variable operating lease expense	Research and development expense		12		56
	General and administrative expense		7		59
Total operating lease expense		$	1,626	$	1,711

Supplemental cash flow information related to the Company’s operating leases for the years ended December 31, 2023 and 2022, was as follows (in thousands):

	December 31, 2023		December 31, 2022
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,690	$	1,514

The following table presents the lease balances within the consolidated balance sheet, weighted average remaining lease term, and the weighted average discount rates related to the Company’s operating and finance leases as of December 31, 2023 and 2022 (in thousands, except for the weighted average remaining lease term and the weighted average discount rate):

Lease Assets and Liabilities	Classification	December 31, 2023			December 31, 2022
Assets
Operating	Operating lease right-of-use assets	$	4,155		$	5,124
Financing	Property and equipment, net		—			201
Total leased assets		$	4,155		$	5,325
Liabilities
Current
Operating	Operating lease liabilities	$	1,718		$	1,690
Non-Current
Operating	Non-current operating lease liabilities		3,825			4,957
Total lease liabilities		$	5,543		$	6,647
Weighted average remaining lease term (in years)			3.6			4.6
Weighted average discount rate			9.8	%		9.8	%

The following table presents the maturity of the Company’s operating lease liabilities as of December 31, 2023 (in thousands):

Years Ending December 31,
2024		1,718
2025		1,746
2026		1,956
2027		1,156
Total future minimum lease payments		6,576
Less imputed interest		(1,033	)
Total operating lease liabilities	$	5,543