Commitments and Contingences

3 Months Ended

Mar. 31, 2022

Commitments and Contingencies Disclosure [Abstract]

Commitments and Contingences

10. Commitments and Contingencies

Operating Leases

The Company leases office and laboratory space in Menlo Park, CA, Redwood City, CA, and Boston, MA.

The following table presents the operating lease cost and information related to the operating lease right-of-use assets, net and operating lease liabilities for the quarter ended March 31, 2022 (in thousands):

	March 31,
	2022
Lease Cost
Operating lease cost	$	1,007
Short-term lease cost		143
Variable lease cost		—
Sublease Income		(167	)
Total lease cost	$	983
Other Information
Operating cash flows used for lease liabilities	$	511
Operating lease right of use asset obtained in exchange of operating lease liability	$	—
Weighted-average remaining lease term - operating leases		7.5
Weighted-average discount rate - operating leases		7.1	%

On July 19, 2021, the Company entered into a Sublease (the Sublease Agreement) with RFS OPCO LLC (Sublessee), whereby the Company agreed to sublease to Sublessee all of the 9,501 rentable square feet of office space in Boston, MA, currently leased by the Company pursuant to the Company’s lease with 500 Boylston & 222 Berkeley Owner (DE) LLC, dated January 8, 2018, as amended (the Master Lease). The term of the sublease started on September 1, 2021 and ends on July 30, 2026. The aggregate base rent due to the Company under the Sublease is approximately $3.5 million which began on October 1, 2021. Upon execution of the Sublease Agreement, the Company received a cash security deposit of $0.1 million from the Sublessee which is recorded as other non-current liabilities in the consolidated balance sheets. The expected sublease income as of March 31, 2022 is as follows (in thousands):

	March 31, 2022
2022	$	493
2023		671
2024		685
2025		699
2026		416
Total	$	2,964

Further, the Company remains liable for the remaining lease payments under the Master Lease, totaling $3.1 million, which is included in future minimum lease payments table below.

The future minimum lease payments under all non-cancelable operating lease obligations as of March 31, 2022 were as follows (in thousands):

	March 31, 2022
2022	$	2,582
2023		3,428
2024		3,525
2025		3,625
2026 and thereafter		13,747
Total undiscounted lease payments		26,907
Less: imputed interest		6,324
Total operating lease liability		20,583
Less: current portion		1,733
Operating lease liability, net of current maturities	$	18,851