Leases

12 Months Ended

Dec. 31, 2021

12. Leases

In May 2019, the Company entered into a sublease agreement for laboratory and office space in Waltham, Massachusetts. The term of the sublease commenced on July 1, 2019 and expired on December 31, 2021.

In December 2020, the Company entered into a lease agreement, (the “Lease”), pursuant to which the Company leases 68,187 square feet of office and laboratory space located in Waltham, Massachusetts (the “Premises”). The Lease has a term of eight years and six months and the Company gained access to the Premises in September 2021. The Company’s obligation for the payment of base rent for the Premises begins in April 2022, and will be $0.4 million per month, increasing up to $0.5 million during the term of the Lease. The Company has two options to extend the term of the Lease, each for a period of an additional five years.

Rent expense for the years ended December 31, 2021 and 2020 totaled $2.1 million and $0.8 million, respectively.

Summary of lease costs

The Company did not have any finance leases as of December 31, 2021.

The components of lease cost under ASC 842 for the leases were as follows:


	Year Ended December 31,
(in thousands)	2021
Operating lease cost	$	2,126
Short term lease cost		—
Variable lease cost		573
Total lease cost	$	2,699

Supplemental disclosure of cash flow information under ASC 842 for the leases were as follows:


	Year Ended December 31,
(in thousands)	2021
Operating cash payments for operating leases	$	800

The weighted-average remaining lease term and discount rate for the leases were as follows:


(in thousands)	As of December 31, 2021
Weighted-average remaining lease term - operating leases	8.25 years
Weighted-average discount rate - operating leases		5.80	%

Future minimum lease payments under the non-cancelable operating leases consisted of the following as of December 31, 2021:


Year Ending December 31,	(in thousands)
2022	$	4,008
2023		4,706
2024		4,847
2025		4,993
2026		5,143
Thereafter		17,787
Total future minimum lease payments		41,484
Less: imputed interest		(8,848	)
Present value of lease liabilities	$	32,636

Included in the condensed consolidated balance sheet (in thousands)	December 31, 2021
Lease liability	$	3,893
Lease liability, net of current portion		28,743
Total lease liability	$	32,636

Future minimum lease payments under non-cancelable operating leases under ASC 840 consisted of the following as of December 31, 2020:


Year Ending December 31,	(in thousands)
2021	$	800
2022		3,452
2023		4,706
2024		4,847
2025		4,993
Thereafter		22,930
Total	$	41,728