On June 15, 2021, the Company entered into the first lease amendment (“First Lease Amendment”) and second lease amendment (“Second Lease Amendment” and, together with the First Lease Amendment, the “Lease Amendments”) with PPF Off 100 Cambridge Park Drive, LLC (the “Landlord”). The Lease Amendments amended the Company’s lease agreement for its corporate office and laboratory facilities with the Landlord in Cambridge, Massachusetts to add additional leased space in the same building (the “Amended Cambridgepark Lease”).

The First Lease Amendment and Second Lease Amendment commenced for accounting purposes on January 28, 2022 and April 29, 2022, respectively. The terms of the Lease Amendments are through September 2030 for approximately $8.4 million and $22.3 million in fixed payments for the First Lease Amendment and Second Lease Amendment, respectively. There are no options to extend the Lease Amendments.

Payments due associated with the Lease Amendments include fixed and variable payments. Variable payments relate to the Company’s share of the Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed. The Amended Cambridgepark Lease does not contain a residual value guarantee. The Lease Amendments term end dates are coterminous with the existing lease agreement. In conjunction with the Lease Amendments, the Company was required to increase its irrevocable standby letter of credit to $2.4 million for the benefit of the Landlord, which has been secured by money market investments and is presented as restricted cash equivalents.

For further information regarding the Company’s Cambridgepark lease, please see Note 10 to the consolidated financial statements included in the 2021 Annual Report.

The elements of lease expense were as follows:


	Three Months Ended September 30,				Nine Months Ended September 30,
(in thousands)	2022		2021		2022		2021
Operating lease cost	$	1,994	$	756	$	4,506	$	2,260
Short-term lease cost		—		—		—		52
Variable lease cost		567		342		1,209		776
Total lease cost	$	2,561	$	1,098	$	5,715	$	3,088

Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	September 30, 2022			December 31, 2021
Assets
Operating lease right-of-use assets	$	45,390		$	15,670
Liabilities
Operating lease liabilities, current	$	3,757		$	1,839
Operating lease liabilities, non-current		36,537			16,174
Total lease liabilities	$	40,294		$	18,013
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	7.9			8.64
Weighted-average discount rate		8.2	%		9.4	%

The following table represents other lease activity:


	Nine Months Ended September 30,
(in thousands)	2022		2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	10,594	$	1,840
Right-of-use assets obtained in exchange for lease obligations	$	32,294	$	35