The Company has a lease agreement for approximately 8,300 square feet of space for its headquarters located in Cambridge, Massachusetts that runs through September 2028.

The Company has lease agreements for approximately 13,400 square feet of office and research laboratory space located in Porton Down, United Kingdom that runs through April 2028, with an option to terminate in April 2023. As of April 2022, the Company does not expect to exercise the option to terminate the lease. Options to renew a lease are not included in the Company’s assessment unless there is reasonable certainty that the Company will renew.

The Company has a lease agreement in Salt Lake City, Utah for approximately 6,200 square feet of office space that commenced in November 2021 that runs through February 2032.

In June 2022, the Company entered into a new lease agreement. See Note 14, Subsequent Events.

The Company is also party to several operating leases for office and laboratory space as well as certain lab equipment. Total rent expense was $1.7 million, $0.9 million and $0.7 million for the years ended April 30, 2022, 2021 and 2020, respectively and is reflected in general and administrative expenses and research and development expenses as determined by the underlying activities.

Incremental borrowing rate – The Company’s lease agreements do not provide an implicit rate. The Company estimated the incremental borrowing rate based on the rate of interest the Company would have to pay to borrow a similar amount on a collateralized basis over a similar term and economic environment.

Lease and non-lease components – The Company has elected the practical expedient which allows non-lease components to be combined with lease components for all existing asset classes and will therefore include any fixed additional rent amounts in its lease payments. Any variable lease payments are excluded from the lease liability and are recognized in the period incurred.

The following table summarizes lease costs included in research and development and general and administrative expense for the years ended April 30, 2022 and 2021 (in thousands):


	2022		2021
Operating lease costs	$	1,743	$	926
Short-term lease costs		14		13
Variable lease costs		169		149
Total lease costs	$	1,926	$	1,088

The following table summarizes the undiscounted payments due under lease liabilities and the present value of those liabilities as of April 30, 2022 (in thousands):


Years ending April 30,	Operating Leases
2023	$	1,624
2024		1,504
2025		1,541
2026		1,578
2027		1,617
Thereafter		3,091
Total lease payments		10,955
Less: imputed interest		2,767
Total lease liabilities		8,188
Current lease liabilities		977
Long-term lease liabilities	$	7,211

The following table summarizes the lease term and discount rate as of April 30, 2022 and 2021:


	2022			2021
Weighted-average remaining lease term (years)		6.9			6.8
Weighted-average discount rate		9.0	%		9.0	%

The following table summarizes the cash paid for amounts included in the measurement of lease liabilities for the years ended April 30, 2022 and 2021 (in thousands):


	2022		2021
Cash paid for amounts included in the measurement of operating lease liabilities	$	1,287	$	696