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Leases
3 Months Ended
Mar. 31, 2022
Leases [Abstract]  
Leases
(9)
Leases

In December 2017, the Company signed an operating lease for 7,531 rentable square feet of office space in Cambridge, Massachusetts, which commenced on February 1, 2018. The lease expires on June 30, 2024. Rent expense is recorded ratably over the lease period. The lease includes escalating rental payments, which are also being charged to rent expense ratably over the lease period.

The components of lease expense are as follows (in thousands):

 

 

Three Months Ended
March 31, 2022

Operating lease costs

$

147

Short term lease costs

 

Variable lease costs

 

The following table summarizes supplemental cash flow information (in thousands):

 

 

Three Months Ended
March 31, 2022

Cash paid for amounts included in measurement of lease liabilities:

 

 

Operating cash flows from operating leases

$

151

ROU asset obtained in exchange for an operating lease liability

 

1,311

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities (in thousands):

 

 

 

As of March 31, 2022

Remainder of 2022

 

$457

2023

 

618

2024

 

313

Total future minimum lease payments

 

$1,388

Less: imputed interest

 

                          (133)

Total lease liabilities at present value

 

$1,255

Lease liabilities, current

 

$519

Lease liabilities, non-current

 

$736

The following table summarizes lease term and discount rate:

 

Three Months Ended March 31, 2022

Weighted-average remaining lease term (years)

2.3

Weighted-average discount rate

9.5%

As the Company’s operating leases did not provide an implicit rate, the Company used its incremental borrowing rate based on the information available in determining the present value of lease payments. The Company’s incremental borrowing rate was based on the term of the lease, the economic environment of the lease and reflect the rate the Company would have had to pay to borrow on a secured basis.