Leases

6 Months Ended

Jun. 30, 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 expired in May 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 $0.2 million, respectively, for the three and six months ended June 30, 2020 and were equivalent to the minimum payments due from the Company to the landlord.

For both the three months ended June 30, 2020 and June 30, 2019 and for both the six months ended June 30, 2020 and June 30, 2019, the Company recorded rent expense of $0.7 million and $1.4 million, respectively. Rent expense was net of sublease rental income of $0.1 million for both three months ended June 30, 2020 and June 30, 2019 and was net of $0.3 million sublease rental income for both six months ended June 30, 2020 and June 30, 2019. Sublease rental income is inclusive of rental payments, taxes and operating expenses.

The minimum aggregate future lease commitments, exclusive of any offsetting sublease rental payments, at June 30, 2020, are as follows (in thousands):


	Amount
2020 (excluding six month ended June 30. 2020)	$	1,454
2021	2,973
2022	3,062
2023	3,154
2024	3,249
Thereafter	2,491
Total lease payments	16,383
Less imputed interest	(3,613)
	$	12,770

Other information:
Operating cash flows used for operating leases	$	1,634
Weighted-average remaining lease term (in years)	5.25
Weighted-average discount rate	9.5		%