Leases

9 Months Ended

Sep. 30, 2023

Leases [Abstract]

Leases

10. Leases

The Company has a non-cancelable operating lease agreement for its office space in Boston, Massachusetts at 225 Franklin Street ("225 Lease"). The 225 Lease commencement date was January 1, 2022 and the 225 Lease runs through December 31, 2026. The 225 Lease does not contain any options for renewal or extension.

In connection with the 225 Lease commencement, the Company recorded a right-of-use asset and operating lease liability of $2,938 and $2,873 as of January 1, 2022.

The following assets and liabilities are recorded on the Company’s consolidated balance sheet as of September 30, 2023.

	As of September 30,
	2023
Right-of-use asset	$	1,970
Current lease liability		750
Non-current lease liability		1,835

Future minimum payments under the 225 Lease, currently the Company’s only operating lease as of September 30, 2023 were as follows.

	As of September 30,
	2023
Remainder of 2023	$	201
2024		821
2025		838
2026		855
Total lease payments		2,715
Less amount representing implied interest		(130	)
Total lease liability	$	2,585
Current portion of operating lease liabilities	$	750
Non-current portion of operating lease liabilities	$	1,835

For the three and nine months ended September 30, 2023, the Company recorded operating lease costs of $162 and $485, respectively, relating to its operating lease agreements.

For the three and nine months ended September 30, 2022, the Company recorded operating lease costs of $185 and $649, respectively, relating to its operating lease agreements.