Leases

6 Months Ended

Jun. 30, 2022

Leases

Leases

9.  Leases

The Company leases laboratory and office space and certain equipment with remaining terms ranging from 0.9 to 2.4 years.

The laboratory and office space arrangement is under a sublease that was renewed in December of 2021 and currently extends through May 31, 2023. This lease automatically renews annually for a one-year period unless the Company or the counterparty provides a notice of termination within one hundred and eighty days prior to May 31^st of each year.

On January 5, 2022, the Company executed a four-month sublease agreement for certain laboratory and office space at its Holliston, Massachusetts facility. The Company further extended the sublease agreement on a month-to-month basis which is ongoing as of June

30, 2022. For the three and six months ended June 30, 2022, the Company recorded sublease income of approximately $32,000 and $61,000, respectively, relating to this agreement.

All of the Company’s leases qualify as operating leases. The following table summarizes the presentation of the Company’s operating leases in its consolidated balance sheets:

		June 30,		December 31,
	Balance Sheet Classification	2022		2021
Assets:
Operating lease assets	Right-of-use asset, net	$	115	$	169
Liabilities:
Current portion of operating lease liabilities	Current portion of operating lease liabilities		93		110
Operating lease liabilities, net of current portion	Operating lease liabilities, net of current portion		22		59
Total operating lease liabilities		$	115	$	169

The Company recorded operating lease expense in the following categories in its consolidated statements of operations:

	Three months ended June 30,				Six months ended June 30,
	2022		2021		2022		2021
	(In thousands)				(In thousands)
Research and development	$	19	$	19	$	38	$	38
General and administrative		11		11		22		22
Total	$	30	$	30	$	60	$	60

Cash paid included in the computation of the operating lease assets and lease liabilities during the three and six months ended June 30, 2022 amounted to approximately $30,000 and $61,000, respectively. Cash paid in the computation of the operating lease assets and lease liabilities during the three and six months ended June 30, 2021 amounted to approximately $30,000 and $61,000, respectively.

The weighted average remaining lease term and weighted average discount rate of the Company’s operating leases are as follows:

	As of June 30,
	2022		2021
Remaining lease term (in years)	1.16		1.53
Discount rate	9.25	%	10.36	%

The minimum lease payments for the next five years are expected to be as follows:

	As of
	June 30, 2022
	(in thousands)
2022	$	60
2023		55
2024		7
2025		—
Total lease payments		122
Less: imputed interest		7
Present value of operating lease liabilities	$	115