XML 27 R17.htm IDEA: XBRL DOCUMENT v3.22.2.2
Leases
9 Months Ended
Sep. 30, 2022
Leases [Abstract]  
Leases Leases
Our building leases are comprised of office and laboratory space under non-cancelable operating leases. These lease agreements have remaining lease terms of five years and contain various clauses for renewal at our option. The renewal options were not included in the calculation of the operating lease assets and the operating lease liabilities as the renewal options are not reasonably certain of being exercised. The lease agreements do not contain residual value guarantees.
Summary of lease costs
The following table contains a summary of the lease costs and other information pertaining to the Company’s operating leases for the three and nine months ended September 30, 2022 and 2021.
In connection with the Arsenal Street Sublease, the Company recorded operating sublease income of $0.1 million and $0.2 million, respectively for the three and nine months ended September 30, 2022 in other income (expense), net in the condensed consolidated statements of operations. The Company was not relieved of its primary obligation under the operating lease as a result of the sublease.
Future annual lease payments under non-cancelable operating leases as of September 30, 2022 were as follows (in thousands):
Remaining 2022$2,415 
202312,610 
202413,035 
20253,510 
20261,683 
2027567 
Total future minimum lease payments33,820 
Less: imputed interest(2,381)
$31,439 
The lease for office and laboratory space at 60 First Street, Cambridge, Massachusetts has not yet commenced and the expected date for which the Company obtains control of the space is currently uncertain but not expected to occur until the first half of 2023. The Company currently expects rent to commence 11 months after taking possession of the space, with occupancy expected to begin in 2024, for which the Company will pay approximately $208.7 million over the ten-year lease term. As the lease has not commenced as of September 30, 2022, the operating lease liabilities on the consolidated balance sheet through September 30, 2022 and the table above excludes any amounts related to this lease.