Leases

3 Months Ended

Mar. 31, 2020

In January 2018, the Company entered into an operating sublease arrangement to lease approximately 40,765 square feet for its office and research development space at 620 Memorial Drive, Cambridge, MA 02139 from February 2018 to September 2025. The Company maintains an additional separate operating lease for office and laboratory space that is scheduled to expire in 2020. The leases require security deposits, which the Company has primarily met with letters of credit from a financial institution that are secured with cash on deposit.

In June 2018, the Company entered into a sublease arrangement with a third party to lease space subject to an operating lease that expired in April 2020. The minimum rental payments received under this agreement totaled $0.1 million and were equivalent to the minimum payments due from the Company to the landlord.

The Company recorded rent expense of $0.7 million for both the three months ended March 31, 2020 and 2019. Rent expense for each of the three months ended March 31, 2020 and 2019 is net of sublease rental income of $0.2 million.

The minimum aggregate future lease commitments, exclusive of any offsetting sublease rental payments, at March 31, 2020, are as follows (in thousands):


	Amount
2020 (excluding three month ended March 31. 2020)	$	2,251
2021	2,973
2022	3,062
2023	3,154
2024	3,249
Thereafter	2,491
Total lease payments	17,180
Less imputed interest	(3,923)
	$	13,257

Other information:
Operating cash flows used for operating leases	$	837
Weighted-average remaining lease term (in years)	5.5
Weighted-average discount rate	9.5		%