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Leases
3 Months Ended
Mar. 31, 2023
Leases [Abstract]  
Leases

10. Leases

In January 2023, the Company performed a remeasurement of their lease for office and laboratory space located at 640 Memorial Drive, Cambridge, Massachusetts, as the Company’s rentable square footage had been modified. This remeasurement included an update to the incremental borrowing rate from 7.99% to 8.4%, and resulted in a decrease in the right of use asset and lease liability of $0.2 million.

Also in January 2023, the Company executed a sublease for a portion of their leased office and laboratory space at 730 Main Street, Cambridge, Massachusetts.

In February 2022, the Company entered into an agreement to lease approximately 140,000 square feet of manufacturing space located at 840 Winter Street, Waltham, Massachusetts (the “840 Winter Lease”), which will provide the Company with the ability to manufacture its own products in a good manufacturing practice (“GMP”) compliant facility as well as to supplement the Company’s current leased premises in Cambridge, Massachusetts. The 840 Winter Lease, including the obligation to pay rent, is expected to commence in 2024 for an initial term of twelve years. The base rent under the 840 Winter Lease is $73.50 per square foot per year during the first year of the term, which is subject to scheduled 3% annual increases, plus certain operating expenses and taxes. The Company has the option to extend the 840 Winter Lease for two five-year terms. The Company did not record a right of use asset or liability related to the 840 Winter Lease under ASC 842, Leases (Topic 842) (“ASC 842”) during the three months ended March 31, 2023, as the Company had not taken control of the premises.