The Company is a party to an operating lease for approximately 11,691 square feet of laboratory and office space in Sudbury, MA (Sudbury Lease). The Sudbury Lease expires on February 28, 2026. The Company has a one-time option to cancel the lease effective February 28, 2023 for any reason or no reason at all. Annualized base rent for the Sudbury lease is approximately $0.3 million.

Maturities of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2021 are as follows (in thousands):


2022	$	317
2023		231
Total maturities	$	548
Less: Amount representing interest		(21	)
Present value of operating lease liabilities	$	527

Lease costs included in the Company’s consolidated statements of operations and comprehensive loss was $0.4 million and $0.5 million for the years ended December 31, 2021 and 2020, respectively. The Company’s operating leases had a weighted average remaining lease term of 1.3 years and 2.3 years and a weighted average discount rate of 5.5% and 5.5% at December 31, 2021 and 2020, respectively.

The Company is also a party to an operating lease for approximately 6,055 square feet of office space in Newton, MA (Newton Lease). The Newton Lease terminates on the last day of the month following the month either party notifies the other that the term of the lease shall end. The annualized base rent for the Newton Lease is approximately $0.3 million. Due to the short nature of the minimum lease term of the Newton Lease, the Newton Lease was not considered as an operating lease liability in accordance with ASC 842 as of December 31, 2021 and 2020.

In March 2012, the Company entered into an exclusive license agreement (“License Agreement”) with Althea Technologies, Inc. (“Althea”) for certain intellectual property. The Company reimbursed Althea for patent related fees and costs incurred by Althea totaling $0.1 million in the aggregate and issued a total of 88,186 shares of common stock to Althea. Under the terms of the License Agreement, the Company agreed to pay annual license maintenance fees, milestone payments and royalties as a percentage of net sales. Annual license maintenance fees are creditable against royalties earned during the same calendar year and are not material to the financial statements. Milestone payments are triggered upon the achievement of specified development, regulatory and commercialization milestones and are not creditable against royalties. Actual amounts due under the License Agreement will vary depending on the number of products developed, the type and development path of the products, and other related factors. Milestone payments could total up to $56.0 million. The Company may terminate the agreement at any time with 60 days prior written notice.