Right of use of assets

12 Months Ended

Dec. 31, 2022

Leases [Abstract]

Right of use assets

Right of use assets

New York, USA

In August 2022, the Company entered into a twelve month membership agreement with WeWork for rentable office space. The membership is cancellable with 90 days’ notice. This membership 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.

Denmark Hill, London, UK

In March 2022, the Company entered into an agreement for a lease with South London and Maudsley NHS Foundation Trust for land and buildings at 5 Windsor Walk, Maudsley Hospital, Denmark Hill, London, UK. The lease commenced on June 21, 2022 and has a contractual term of five years. The rent is £180,000 per year, with no deposit payable.

The following table summarizes our costs included in our consolidated statements of operations and comprehensive loss related to right of use lease assets we have entered for the years ended December 31, 2022 and 2021 (in thousands):

	Year Ended December 31,
	2022		2021
Lease cost
Operating lease cost	$	2,263	$	1,844
Variable lease cost	—		—
Short-term lease cost	256		86
	$	2,519	$	1,930
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	2,219	$	1,971
Right-of-use assets obtained in exchange for new operating lease liabilities	783		4,513
Weighted average remaining lease term (in years)	1.58		1.64
Weighted average discount rate	5.70%		4.99%

The following table summarizes the future minimum lease payments due under operating leases as of December 31, 2022, (in thousands):

December 31, 2023	1,537
December 31, 2024	218
December 31, 2025	218
December 31, 2026	54
Total future minimum lease payments	$	2,027
Less: imputed interest	(99)
Total	$	1,928