Leases

9 Months Ended

Sep. 30, 2020

Leases, Operating [Abstract]

Leases

7. Leases

In June 2012, the Company entered into a master lease for the Company’s corporate office headquarters in Boston, which was originally set to expire in August 2016, but renewed through August 31, 2021. As of September 30, 2020 and December 31, 2019, a total security deposit of $0.1 million is included in deposits on the Company’s balance sheet. On January 30, 2018, the Company entered into a lease agreement for office space in Houston at MD Anderson. Under the terms of the Houston lease agreement, the Company leased approximately two hundred and ten square feet and were required to make rental payments at an average monthly rate of approximately $1 thousand. This lease was terminated effective March 31, 2020.

On March 12, 2019, the Company entered into a lease agreement for office space in Houston. Under the terms of the Houston lease agreement, the Company leases approximately one thousand and thirty-eight square feet and is required to make rental payments at an average monthly rate of approximately $2 thousand through April 2021. On October 15, 2019, the Company entered into a lease agreement for additional office space in Houston. Under the terms of the Second Houston Lease, the Company leases, from MD Anderson, approximately eight thousand four hundred and forty-three square feet and is initially required to make rental payments of approximately $17 thousand per month through February 2027, subject to an annual base rent increase of approximately 3.0% throughout the term. Effective April 13, 2020, the Company leased an additional five thousand five hundred eighty-four square feet from MD Anderson. The Company is initially required to make rental payments of approximately $12 thousand per month through February 2027, subject to an annual base rent increase of approximately 3.0% throughout the term. All future rent expense incurred in Houston, will be deducted from the Company’s prepayments at MD Anderson. Effective June 1, 2020, the Company entered into a noncancelable lease for a period of less than a year with monthly payments of approximately $10 thousand. Effective September 1, 2020, the Company added additional space to the noncancelable lease for a period of less than a year with monthly payments now totaling approximately $15 thousand.

The components of lease expense were as follows:

	Three Months Ended September 30,			Nine Months Ended September 30,
(in thousands)	2020			2020
Operating lease cost	$	267		$	768
Total lease cost	$	267		$	768
Weighted-average remaining lease term (years)		4.99			4.99
Weighted-average discount rate		8.00	%		8.00	%

	Three Months Ended September 30,			Nine Months Ended September 30,
(in thousands)	2019			2019
Operating lease cost	$	184		$	585
Total lease cost	$	184		$	585
Weighted-average remaining lease term (years)		2.15			2.15
Weighted-average discount rate		8.00	%		8.00	%

As of September 30, 2020, the maturities of the Company’s operating lease liabilities for the years ended December 31, were as follows (in thousands):

2020 (excluding the nine months ended September 30, 2020)	$	318
2021		896
2022		353
2023		364
2024		375
Thereafter		851
Total lease payments		3,157
Less: Imputed interest and adjustments		(637	)
Present value of lease payments	$	2,520