XML 40 R20.htm IDEA: XBRL DOCUMENT v3.25.0.1
Leases
 12 Months Ended
Dec. 31, 2024
Leases [Abstract]  
Leases Leases
The Company has an operating lease for its office and lab space in Cambridge, Massachusetts and operating and finance leases for certain equipment. In March 2020, the Company entered into the Seventh Amendment to the office and lab space lease (“the Office Lease”) to extend the term of the lease through March 2026. The Company has an option to extend the lease term of the Office Lease for an additional five years.
On April 5, 2021, the Company entered into an Eighth Amendment to the Office Lease, which granted the Company additional office space in its existing building for five years, beginning July 1, 2021 (the “Expansion Lease”). Independent from the option under the Office Lease, the Company has an option to extend the lease term of the Expansion Lease for an additional five years. The Company’s exercise of the options to extend the lease terms of both the Office Lease and Expansion Lease were not considered reasonably certain as of December 31, 2024.
The Company had a standby letter of credit agreement for the benefit of its landlord in the amount of $0.5 million in connection with the Office Lease and Expansion Lease as of December 31, 2024 and 2023.
The components of lease expense included in research and development and general and administrative expenses in the statement of operations and comprehensive loss were as follows:
Years ended December 31,
(in thousands)202420232022
Operating lease cost$3,838 $3,838 $3,793 
Finance lease cost:
Amortization of right-of-use assets$138 $185 $194 
Interest on lease liabilities5 16 28 
$143 $201 $222 
Supplemental balance sheet information related to leases was as follows:
Year ended December 31,
20242023
Operating leases:
Operating lease right-of-use assets$4,578 $7,694 
Operating lease liabilities, current$3,856 $3,252 
Operating lease liabilities$1,292 $5,149 
Finance leases:
Property and equipment, gross$1,038 $1,038 
Property and equipment, accumulated depreciation$(862)$(723)
Other liabilities, current$46 $144 
Other liabilities$8 $54 
Weighted-average remaining lease term:
Operating leases1.3 years2.3 years
Finance leases1.3 years1.1 years
Weighted-average discount rate:
Operating leases10.8 %10.8 %
Finance leases4.4 %4.4 %
Supplemental cash flow information related to operating leases was as follows:
Year ended December 31,
(in thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$3,975 $4,029 
Future lease payments under non-cancellable operating leases as of December 31, 2024 were as follows:
(in thousands)Operating leases
2025$4,187 
20261,310 
Total lease payments5,497 
Present value adjustment(349)
Present value of lease liabilities$5,148 
Future lease payments under non-cancellable finance leases as of December 31, 2024 were immaterial.
Leases Leases
The Company has an operating lease for its office and lab space in Cambridge, Massachusetts and operating and finance leases for certain equipment. In March 2020, the Company entered into the Seventh Amendment to the office and lab space lease (“the Office Lease”) to extend the term of the lease through March 2026. The Company has an option to extend the lease term of the Office Lease for an additional five years.
On April 5, 2021, the Company entered into an Eighth Amendment to the Office Lease, which granted the Company additional office space in its existing building for five years, beginning July 1, 2021 (the “Expansion Lease”). Independent from the option under the Office Lease, the Company has an option to extend the lease term of the Expansion Lease for an additional five years. The Company’s exercise of the options to extend the lease terms of both the Office Lease and Expansion Lease were not considered reasonably certain as of December 31, 2024.
The Company had a standby letter of credit agreement for the benefit of its landlord in the amount of $0.5 million in connection with the Office Lease and Expansion Lease as of December 31, 2024 and 2023.
The components of lease expense included in research and development and general and administrative expenses in the statement of operations and comprehensive loss were as follows:
Years ended December 31,
(in thousands)202420232022
Operating lease cost$3,838 $3,838 $3,793 
Finance lease cost:
Amortization of right-of-use assets$138 $185 $194 
Interest on lease liabilities5 16 28 
$143 $201 $222 
Supplemental balance sheet information related to leases was as follows:
Year ended December 31,
20242023
Operating leases:
Operating lease right-of-use assets$4,578 $7,694 
Operating lease liabilities, current$3,856 $3,252 
Operating lease liabilities$1,292 $5,149 
Finance leases:
Property and equipment, gross$1,038 $1,038 
Property and equipment, accumulated depreciation$(862)$(723)
Other liabilities, current$46 $144 
Other liabilities$8 $54 
Weighted-average remaining lease term:
Operating leases1.3 years2.3 years
Finance leases1.3 years1.1 years
Weighted-average discount rate:
Operating leases10.8 %10.8 %
Finance leases4.4 %4.4 %
Supplemental cash flow information related to operating leases was as follows:
Year ended December 31,
(in thousands)20242023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases$3,975 $4,029 
Future lease payments under non-cancellable operating leases as of December 31, 2024 were as follows:
(in thousands)Operating leases
2025$4,187 
20261,310 
Total lease payments5,497 
Present value adjustment(349)
Present value of lease liabilities$5,148 
Future lease payments under non-cancellable finance leases as of December 31, 2024 were immaterial.