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 March 31, 2022 are as follows (in thousands):


Remainder of 2022	$	238
2023		231
Total maturities		469
Less: Amount representing interest		(15	)
Present value of operating lease liabilities	$	454

Lease costs included in the Company’s condensed consolidated statements of operations and comprehensive loss for each of the three months ended March 31, 2022 and 2021 was $0.1 million. The Company’s operating leases had a weighted average remaining lease term of 1.0 years and a weighted average discount rate of 5.5% at March 31, 2022.

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 March 31, 2022.