The Company has real estate operating leases in Cambridge, Andover, Burlington and Bedford, Massachusetts, Dublin and Columbus, Ohio, and Durham, North Carolina that provide for scheduled annual rent increases throughout each lease’s term. The Company has also identified leases embedded in certain of its manufacturing and supply agreements as the Company determined that it controls the use of the facilities and related equipment therein. For more information related to manufacturing and supply agreements with Catalent, Inc. (“Catalent”), please refer to Note 21, Commitments and Contingencies.

On April 22, 2022, the Company entered into a lease agreement (the “Bedford Lease”) for 288,000 square feet of to-be-constructed research and development and manufacturing space in Bedford, Massachusetts. The term of the Bedford Lease commences upon the landlord’s completion of the initial construction of the core and shell of the building, at which time the Company will obtain control of the premises and commence internal construction activities. The Company is not involved in the initial construction of the core and shell of the building and will record the lease liability and ROU asset on its consolidated balance sheets when it obtains control of the premises, which is currently expected to be during the first quarter of 2023. The initial term of the Bedford Lease is anticipated to be 15 years commencing at the earlier of (i) date the certificate of occupancy is issued; or (ii) January 1, 2024, representing the establishment of the Company’s obligation to pay rent for the premises. The Company has two options to extend the lease for a period of ten years each, exercisable under certain conditions and at a market rate determined in accordance with the lease agreement.

Undiscounted minimum rent payments due over the 15-year term of the lease aggregate to $307.4 million. Additionally, the Company is responsible for reimbursing the landlord for the Company’s share of the property’s operating expenses and property taxes.

The Bedford lease also provides for a tenant improvement allowance of $72.0 million to be used towards costs incurred by the Company in the design and construction of the premises.

In May 2022, in connection with the execution of the Bedford Lease, the Company issued a letter of credit collateralized by cash deposits of approximately $8.4 million, which was included as restricted cash in the other non-current assets of the Company’s consolidated balance sheets. Such letter of credit shall be reduced to approximately $5.6 million at the commencement of the fourth rent year, provided certain conditions set forth in the Bedford Lease are satisfied.

On December 22, 2018, the Company entered into a lease agreement for a research and development facility in Columbus, Ohio (the “Columbus Lease”). On May 19, 2022 (the "Columbus Lease Amendment Date"), the Company entered into an amendment to the Columbus Lease to expand the footprint and extend the lease term from June 2026 to December 2036 (the “Columbus Amendment”). The Columbus Amendment will expand from its current form of approximately 78,000 square feet to 167,000 square feet through a series of expansion spaces commencing at various periods through January 1, 2025.

Each expansion space commences on the date which approximates when the landlord will deliver control of that space for the Company to carry out design and construction activities (the “Columbus Commencement Date”). The Company is obligated to pay rent on each expansion space nine months after the Columbus Commencement Date. The Columbus Lease and Columbus Amendment expire on December 31, 2036, and the Company has options to extend the lease by five years in both 2036 and 2041. Each option is exercisable under certain conditions and at a market rate determined in accordance with the lease agreement. As a result of the Columbus Amendment, total undiscounted rent payments due over the 15-year term from the Columbus Lease Amendment Date aggregate to $38.9 million.

On June 1, 2022, the Company commenced design and construction activities on an area of the premises of approximately 18,000 square feet (the “Second Expansion Space”) and, therefore, it was determined that the lease related to the Second Expansion Space had commenced on that date. On October 1, 2022, the Company commenced design and construction activities on an area of the premises of approximately 36,000 (the "Initial Expansion Space") and, therefore, it was determined that the lease related to the Initial Expansion space had commenced on that date. The total ROU asset and lease liability associated with the Columbus Lease, inclusive of the Second Expansion Space and the Initial Expansion Space, was $10.7 million and $16.4 million, respectively, as of December 31, 2022.

As of December 31, 2022, ROU assets for operating leases were $65.0 million and operating lease liabilities were $73.1 million. The following table contains a summary of the lease costs recognized and other information pertaining to the Company’s operating leases for the periods indicated:


	For the Year Ended December 31,
	2022			2021
	(in thousands)
Lease cost
Operating lease cost	$	18,184		$	28,737
Variable lease cost		35,505			18,742
Total lease cost	$	53,689		$	47,479

Other information
Operating lease payments	$	20,778		$	24,449
Operating lease liabilities arising from obtaining ROU assets	$	40,006		$	13,225
Weighted average remaining lease term	6.4 years			3.5 years
Weighted average discount rate		8.3	%		7.6	%

The following table summarizes maturities of lease liabilities and the reconciliation of lease liabilities as of December 31, 2022:


	For the Year Ended December 31, 2022
	(in thousands)
2023	$	21,046
2024		20,754
2025		15,324
2026		8,423
2027		8,518
Thereafter		27,633
Total minimum lease payments		101,698
Less: imputed interest		(28,631	)
Total operating lease liabilities	$	73,067
Included in the consolidated balance sheet:
Current portion of lease liabilities within other current liabilities	$	15,489
Lease liabilities, non-current		57,578
Total operating lease liabilities	$	73,067