Right of use of assets

6 Months Ended

Jun. 30, 2023

Leases [Abstract]

Right of use assets

Right of use of assets

New York, NY

In August 2022, the Company entered into a 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.

In April 2023, the Company entered into a two-year operating lease with Fora Space Limited commencing on September 1, 2023. The noncancellable term is 24 months and there is no option to extend the lease. The recurring residency fee per month is £130,000, and the Company paid a refundable deposit of £156,000 at the execution of the agreement.

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 June 30, 2023 (in thousands):

	Six months ended June 30,
	2023			2022
Lease cost
Operating lease cost	$	1,136		$	1,151
Short-term lease cost	163			86
	$	1,299		$	1,237
Other information:
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows used in operating leases	$	1,123		$	1,122
Right of use assets obtained in exchange for new operating lease liabilities	3,645			822
Weighted average remaining lease term (in years)	2.4			1.8
Weighted average discount rate	8.49		%	5.52		%

The following table summarizes the future minimum lease payments due under operating leases as of June 30, 2023, (in thousands):

December 31, 2023	1,132
December 31, 2024	2,247
December 31, 2025	1,541
December 31, 2026	227
December 31, 2027	57
Total future minimum lease payments	$	5,204
Less: imputed interest	$	(489)
Total	$	4,715