Leases

6 Months Ended

Jun. 30, 2022

(12)

Leases

The Company has an operating lease for 7,531 rentable square feet of office space in Cambridge, Massachusetts, which commenced on February 1, 2018 and expires on June 30, 2024. Lease expense consisted of operating lease costs of $0.1 million and $0.3 million for the three and six months ended June 30, 2022, respectively. Rent expense under the prior lease accounting standard was $0.2 million and $0.3 million for the three and six months ended June 30, 2021, respectively.

The following table summarizes supplemental cash flow information (in thousands):


	Six Months Ended June 30, 2022
Cash paid for amounts included in measurement of lease liabilities:
Operating cash flows from operating leases	$	303
ROU asset obtained in exchange for an operating lease liability	$	1,311

The following table summarizes the Company’s future minimum lease payments and reconciliation of lease liabilities (in thousands):


	June 30, 2022
Remainder of 2022	$	305
2023		618
2024		313
Total future minimum lease payments		1,236
Less: imputed interest		(107	)
Total lease liabilities at present value	$	1,129
Lease liabilities, current	$	533
Lease liabilities, non-current	$	596

The following table summarizes lease term and discount rate:


	June 30, 2022
Weighted-average remaining lease term (years)		2.0
Weighted-average discount rate		9.5	%

As the Company’s operating leases did not provide an implicit rate, the Company used its incremental borrowing rate based on the information available in determining the present value of lease payments. The Company’s incremental borrowing rate was based on the term of the lease, the economic environment and reflects the rate the Company would have had to pay to borrow on a secured basis.