Operating Leases

12 Months Ended

Dec. 31, 2021

9. Operating Leases

As of December 31, 2021 and 2020, the Company had one and two operating leases, respectively, where the Company is the lessee or sublessee, for office and laboratory space. Lease terms are through 2022. The Company had no finance leases as of December 31, 2021 and 2020.

The components of lease expense were as follows (in thousands):


	Year Ended December 31,
	2021			2020
Lease cost
Operating lease cost	$	650		$	497
Short-term lease cost		5			146
Variable lease cost (1)		75			70
Total lease cost	$	730		$	713
Other information
Operating lease right-of-use asset obtained in exchange for new operating lease liabilities	$	—		$	1,186
Cash paid for amounts included in the measurement of lease liabilities, included in operating cash flows	$	663		$	484
Weighted-average remaining lease term (in years)	0.25				1.25
Weighted-average discount rate		10.00	%		9.98	%

(1)

Variable lease cost includes common area maintenance charges

Maturities of lease liabilities as of December 31, 2021, were as follows (in thousands):


Year Ending December 31,	Operating lease
2022	$	168
Total lease payments		168
Less: amount representing imputed interest		(3	)
Total future minimum lease obligations	$	165

In addition to above, on September 29, 2021, the Company entered into a lease agreement for an office and laboratory space in Boston, Massachusetts. The lease will expire on December 31, 2032, and has scheduled rent increases each year of 3%. There is an additional five-year option to extend the lease beyond December 31, 2032. The future undiscounted operating lease payments (base rent) under the lease agreement is $33.8 million over an initial lease period of approximately ten years. The Company will record the right-of-use asset and operating lease liability upon obtaining the possession of the property, which it expects to occur in the second quarter of 2022.