In December 2019, the Company entered into a lease agreement for its new corporate office and laboratory facility (the “Cambridgepark Lease”) in Cambridge, Massachusetts. The Cambridgepark Lease has a term of 10 years, beginning on the rent commencement date which is two months after the lease commencement date. There are no options to extend the lease. The lease commencement date, for accounting purposes, was deemed to be reached as of June 30, 2020.

On June 15, 2021, the Company entered into the first lease amendment (“First Lease Amendment”) and the 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 Cambridgepark Lease with the Landlord in Cambridge, Massachusetts to add additional leased space in the same building (the “Amended Cambridgepark Lease”).

The First Lease Amendment expanded the amount of space leased by the Company by an additional 10,262 square feet in exchange for aggregate total fixed rent payments of approximately $8.4 million with the annual fixed rental payments escalating from $0.8 million to $1.1 million during the term. The First Lease Amendment commenced for accounting purposes on January 28, 2022.

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 $22.3 million with the annual fixed rental payments escalating from $1.1 million to $3.0 million during the term. The Second Lease Amendment’s term commenced for accounting purposes on April 29, 2022.

Payments associated with the Amended Cambridgepark Lease 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 Cambridgepark Lease.

In conjunction with the Amended Cambridgepark Lease, the Company was required to establish a $2.4 million irrevocable standby letter of credit for the benefit of the Landlord, which has been secured by money market investments and is presented as restricted cash equivalents.

The elements of lease expense were as follows:


	Year Ended December 31,
(in thousands)	2022		2021
Operating lease cost	$	6,435	$	3,017
Short-term lease cost		—		52
Variable lease cost		1,798		1,099
Total lease cost	$	8,233	$	4,168

Amounts reported in the consolidated balance sheets and the weight-average lease term and discount rate information were as follows:


(in thousands except weighted-average amounts)	December 31, 2022			December 31, 2021
Assets
Operating lease right-of-use assets	$	44,444		$	15,670
Liabilities
Operating lease liabilities, current	$	3,272		$	1,839
Operating lease liabilities, non-current		35,640			16,174
Total lease liabilities	$	38,912		$	18,013
Weighted Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	7.7			8.64
Weighted-average discount rate		8.2	%		9.4	%

The following table represents other lease activity:


	Year Ended December 31,
(in thousands)	2022		2021
Cash Flow Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	13,311	$	2,559
Right-of-use assets obtained in exchange for lease obligations	$	23,376	$	35

Future lease payments for noncancelable leases as of were as follows:


(in thousands)	December 31, 2022
2023	$	6,315
2024		6,578
2025		6,644
2026		6,681
2027		6,882
Thereafter		19,991
Total lease payments	$	53,091
Less: imputed interest		(14,179	)
Present value of lease liabilities	$	38,912