Right of use of assets

3 Months Ended

Mar. 31, 2023

Leases [Abstract]

Right of use assets

Right of use of assets

New York, NY

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 agreement 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 condensed 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 is subject to an automatic inflation linked increase of the previous year’s 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, and payment dates occurring once per quarter.

The following table summarizes the Company’s costs included in its condensed consolidated statements of operations and comprehensive loss related to right of use lease assets we have entered into through March 31, 2023 (in thousands):

	Three Months Ended March 31,
	2023			2022
Lease cost
Operating lease cost	$	573		$	560
Short-term lease cost	87			86
	$	660		$	646
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	562		$	578
Right of use assets obtained in exchange for new operating lease liabilities	102			—
Weighted average remaining lease term (in years)	1.6			0.9
Weighted average discount rate	6.01		%	4.67		%

The following table summarizes the future minimum lease payments due under operating leases as of March 31, 2023, (in thousands):

December 31, 2023	1,058
December 31, 2024	271
December 31, 2025	223
December 31, 2026	55
Total future minimum lease payments	$	1,607
Less: imputed interest	(83)
Total	$	1,524