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 and Second Lease Amendment commenced for accounting purposes on January 28, 2022 and April 29, 2022, respectively. The terms of the Lease Amendments are through September 2030 for approximately $8.4 million and $22.3 million in fixed payments for the First Lease Amendment and Second Lease Amendment, respectively. There are no options to extend the Lease Amendments.

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 occurs. 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 9 to the consolidated financial statements included in the 2023 Annual Report.

The elements of lease expense were as follows:


	Three Months Ended March 31,
(in thousands)	2024		2023
Operating lease cost	$	1,951	$	1,953
Variable lease cost		530		597
Total lease cost	$	2,481	$	2,550

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


(in thousands except weighted-average amounts)	March 31, 2024			December 31, 2023
Assets
Operating lease right-of-use assets	$	38,816		$	40,048
Liabilities
Operating lease liabilities, current	$	3,957		$	3,830
Operating lease liabilities, non-current		30,782			31,830
Total lease liabilities	$	34,739		$	35,660
Weighted-Average Lease Term and Discount Rate
Weighted-average remaining lease term (years)	6.5			6.7
Weighted-average discount rate		8.2	%		8.2	%

The following table represents other lease activity:


	Three Months Ended March 31,
(in thousands)	2024		2023
Other Information
Cash paid for amounts included in the measurement of lease liabilities
Operating cash flows for operating leases	$	1,639	$	1,544
Right-of-use assets obtained in exchange for lease obligations	$	—	$	270