All of the Company’s leases are accounted for as operating leases. The Company’s two significant operating leases at December 31, 2022 include the following:

The Company leases approximately 231,000 square feet of office and laboratory space located at 900 Winter Street in Waltham, Massachusetts (the “900 Winter Street Lease”). The initial term of the lease commenced on January 20, 2020, expires in 2035 and includes an option to extend the term for an additional ten-year period.

In December 2022, the Company exercised an early payment option included within the terms of the 900 Winter Street Lease. The election of such early payment option resulted in a remeasurement of the remaining lease liability and right-of-use asset as of the remeasurement date of December 1, 2022 of $12.8 million. Subsequently, the Company made the early lease payment of $15.3 million in December 2022. As of December 31, 2022, the remeasurement and subsequent payment resulted in an increase in the right-of-use asset of $12.8 million and a net decrease in the lease liability of $2.5 million.

The Company leases approximately 180,000 square feet of corporate office space, administrative areas and laboratories at 852 Winter Street in Waltham, Massachusetts. The original lease commenced in 2010 and was extended, at the Company’s option, for five years in 2020. The lease extension commenced in March 2021 for 163,000 square feet of space and in September 2021 for the remaining 17,000 square feet of space. The lease expires in 2026 and includes a tenant option to extend the term of the lease for an additional five-year period.

At December 31, 2022 and 2021, the operating leases held by the Company had a weighted average incremental borrowing rate of 5.25% and 5.25%, respectively, and a weighted average remaining lease term of 8.9 years and 11.7 years, respectively. During the years ended December 31, 2022, 2021 and 2020, cash paid for amounts included for the measurement of lease liabilities was $33.2 million, $16.8 million and $16.3 million, respectively. The Company recorded operating lease expense of $16.6 million, $17.1 million and $17.3 million for the years ended December 31, 2022, 2021 and 2020, respectively.

Future lease payments under non-cancelable leases as of December 31, 2022 consisted of the following:

	December 31,
(In thousands)	2022
2023	$	16,665
2024		16,608
2025		16,855
2026		12,767
2027		9,506
Thereafter		69,474
Total operating lease payments	$	141,875
Less: imputed interest		(36,324	)
Total operating lease liabilities	$	105,551