In August 2007, the Company entered into an operating lease, as amended, for approximately 22,343 square feet of office and laboratory space in Watertown, Massachusetts. In November 2017, the Company amended its lease (“2017 Amendment”) and extended the lease term through April 2023. Initial base rent under the 2017 Amendment was approximately $1.0 million per year. The 2017 Amendment includes annual rent escalations over the term of the operating lease. The Company maintains a letter of credit of approximately $0.3 million securing its obligations under the operating lease which is secured by approximately $0.3 million of certificate of deposits, which are included as restricted cash in the consolidated balance sheets. Rent expense is recognized on a straight-line basis over the terms of occupancy.

In addition to the lease discussed above, the Company is party to an April 2020 lease for office equipment that expires in June 2024. The equipment lease is accounted for as an operating lease.

The components of lease cost recorded in the Company’s condensed consolidated financial statements were as follows (in thousands):

	Three Months Ended March 31,
	2021		2020
Lease Cost:
Operating lease cost	$	264	$	263
Variable lease cost		119		193
Total lease cost	$	383	$	456

Variable lease payments include the Company’s allocated share of costs incurred and expenditures made by the landlord in the operation and management of the building.

The weighted-average remaining lease term and discount rate related to the Company’s operating leases were as follows:

	As of March 31, 2021
Weighted-average remaining lease term (in years)		2.1
Weighted-average discount rate		5.5	%

Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of March 31, 2021 were as follows (in thousands):

Year ending December 31,
Remainder of 2021	$	827
2022		1,127
2023		382
2024		2
Total maturities		2,338
Less: Amount representing interest		(135	)
Present value of operating lease liability		2,203
Less: Current portion of operating lease liability		(1,007	)
Total operating lease liability, net of current portion	$	1,196