Right of use of assets

12 Months Ended

Dec. 31, 2021

Right of use of assets:

Eastbourne Terrace, London, UK

In November 2019, the Company entered into an operating lease located at 19 Eastbourne Terrace, London, UK. This lease commenced on January 1, 2020, and expired on December 31, 2021. Under the terms of the lease, the Company paid £780,000 per year, and paid a refundable deposit of £130,000 upon signing the agreement. Additionally, in February 2021, the Company entered into an Amendment for rental relief in January and February 2021 for a total of £32,500, due to extended periods working from home as a result of the COVID-19 pandemic.

New York, NY

In May 2019, the Company entered into a lease with BioLabs for 200 rentable square feet (“sf”) of office space at 180 Varick Street, New York, New York 10014, United States. The lease is cancellable with 30 days’ notice. This lease is accounted for as a short-term lease as the Company is not reasonably certain to extend the lease beyond twelve months and is therefore not recognized on the Company’s consolidated balance sheets.

Soho, London, UK

In July 2021, the Company entered into a two-year operating lease with Fora Space Limited commencing on September 1, 2021. The noncancellable term is 24 months and there is no option to extend the lease. The recurring residency fee per month is £136,200, and the company paid a refundable deposit of £136,200 at the execution of the agreement. Additionally, at the start of each calendar year, the monthly residency fee will be subject to an automatic inflation linked increase of the previous years’ amount.

San Francisco, CA

In August 2021, the Company entered into an operating lease commencing in August 2021 for approximately 2,526 rentable square feet located in San Francisco, California. The lease is set to expire on August 31, 2022 with no option to renew. The total monthly rent for the lease term is $10,000 per month, and the Company paid $9,000 of advanced rent upon lease execution. Additionally, the Company paid a refundable security deposit of $20,000 upon execution of the lease.

The following table summarizes our costs included in consolidated statements of operations and comprehensive loss related to right of use lease assets we have entered into through December 31, 2021:


(in thousands)	December 31, 2021
Lease cost
Operating lease cost	$	1,844
Variable lease cost	—
Short-term lease cost	86
	$	1,930
Other information
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	1,971
Right-of-use assets obtained in exchange for new operating lease liabilities	$	4,513
Weighted average remaining lease term (in years)	1.64
Weighted average discount rate	4.99		%

The following table summarizes the future minimum lease payments due under operating leases as of December 31, 2021 (in thousands):


Year Ended December 31,	Amount
2022	$	2,285
2023	1,471
Total lease payments	3,756

Less: imputed interest	(142)
Total	$	3,614

The Company recorded rent expense totaling $1.9 million, $1.0 million and $0.4 million for the years ended December 31, 2021, 2020 and 2019, respectively.