On June 15, 2021, the Company entered into the first lease amendment (“First Lease Amendment”) and second lease amendment (“Second Lease Amendment” and, together with the First Lease Amendment, the “Lease Amendments”) with PPF Off 100 Cambridge Park Drive, LLC (the “Landlord”). The Lease Amendments amended the Company’s lease agreement for its corporate office and laboratory facilities with the Landlord in Cambridge, Massachusetts to add additional leased space in the same building (the “Amended Cambridgepark Lease”).

The First Lease Amendment commenced for accounting purposes on January 28, 2022. The term of the First Lease Amendment is through August 2030 with approximately $8.4 million in fixed payments. There are no options to extend the First Lease Amendment.

The Second Lease Amendment expands the amount of space leased by the Company by an additional 30,175 square feet in exchange for aggregate total fixed rent payments of approximately $21.9 million with the annual fixed rental payments escalating from $1.2 million to $3.0 million during the term. The Second Lease Amendment’s term is expected to commence during the second quarter of 2022.

Payments due associated with the Lease Amendments include fixed and variable payments. Variable payments relate to the Company’s share of the Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed. The Amended Cambridgepark Lease does not contain a residual value guarantee. The Lease Amendments term end dates are coterminous with the existing lease agreement. In conjunction with the Lease Amendments, the Company was required to increase its irrevocable standby letter of credit to $2.4 million for the benefit of the Landlord, which has been secured by money market investments and is presented as restricted cash equivalents.

For further information regarding the Company’s Cambridgepark lease, please see Note 10 to the condensed consolidated financial statements included in the 2021 Annual Report.

The elements of lease expense were as follows:


	Three Months Ended March 31,
(in thousands)	2022		2021
Operating lease cost	$	920	$	747
Short-term lease cost		—		52
Variable lease cost		341		122
Total lease cost	$	1,261	$	921

Amounts reported in the condensed consolidated balances and the weighted-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	March 31, 2022			December 31, 2021
Assets
Operating right-of-use assets	$	21,597		$	15,670
Liabilities
Operating lease liabilities, current	$	7,281		$	1,839
Operating lease liabilities, non-current	$	21,677		$	16,174
Total lease liabilities	$	28,958		$	18,013
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	8.4			8.64
Weighted-average discount rate		8.7	%		9.4	%

The following table represents other lease activity:


	Three Months Ended March 31,
(in thousands)	2022		2021
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	727	$	442
Right-of-use assets obtained in exchange for lease obligations	$	6,377	$	—