Leases

6 Months Ended

Jun. 30, 2020

Leases [Abstract]

Leases

5. Leases

The Company leases an office space in Houston, Texas under an operating lease that expires in March 2021. The Company also sub-leases from ElevateBio a portion of its office space in Cambridge, Massachusetts on a month-to-month basis. On March 26, 2019, the Company entered into an interim services agreement which ultimately led to a Development and Manufacturing Services Agreement (“DMS Agreement”) with a third-party supplier on July 19, 2019. The DMS Agreement specifies a dedicated manufacturing suite with 2 production lines for the manufacture of AlloVir’s products at the facility.

Maturities of operating lease liabilities at June 30, 2020 are as follows (in thousands):

2020 (remaining 6 months)	$	1,800
2021		3,600
2022		3,600
2023		2,100
Total lease payments		11,100
Less: interest (4.53% - 5.75%)		(855	)
Total lease liability	$	10,245
Lease liability – current	$	3,147
Lease liability – long-term	$	7,098

Total rent expense was $1.0 million and $0.1 million for the three months ended June 30, 2020 and 2019, respectively, and $2.0 million and approximately $0.5 million for the six months ended June 30, 2020 and 2019, respectively. Cash paid for operating leases was $1.2 million and $0.5 million for the three months ended June 30, 2020 and 2019, respectively, and $2.4 million and $0.6 million for the six months ended June 30, 2020 and 2019, respectively. The weighted average remaining lease term is 3.08 years at June 30, 2020. The weighted average discount rate is 5.14%.