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 June 30, 2022 are as follows (in thousands):


Remainder of 2022	$	158
2023		231
Total maturities		389
Less: Amount representing interest		(9	)
Present value of operating lease liabilities	$	380

Lease costs included in the Company’s condensed consolidated statements of operations and comprehensive loss for each of the three and six months ended June 30, 2022 and 2021 were $0.1 million and $0.2 million, respectively. The Company’s operating leases had a weighted average remaining lease term of nine months and a weighted average discount rate of 5.5% at June 30, 2022.

During the reporting period, the Company was also a party to an operating lease for approximately 6,055 square feet of office space in Newton, MA (Newton Lease). Pursuant to its terms, 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 June 30, 2022. On June 15, 2022, the Company delivered to the lessor written notice of termination of the Newton Lease effective July 31, 2022.