Leases

12 Months Ended

Dec. 31, 2022

9. Leases

In December 2020, the Company entered into a lease agreement, (the “Lease”), pursuant to which the Company leases 68,187 square feet of office and laboratory space located in Waltham, Massachusetts (the “Premises”). The Lease has a term of eight years and six months and the Company gained access to the Premises in September 2021. The Company has two options to extend the term of the Lease, each for a period of an additional five years.

Summary of lease costs

The Company does not have any finance leases.

The components of lease cost were as follows:


	Year Ended December 31,
(in thousands)	2022		2021
Operating lease cost	$	5,278	$	2,126
Short term lease cost		—		—
Variable lease cost		2,113		573
Total lease cost	$	7,391	$	2,699

Supplemental disclosure of cash flow information for the lease was as follows:


	Year Ended December 31,
(in thousands)	2022
Operating cash payments for operating leases	$	3,247

The weighted-average remaining lease term and discount rate for the leases were as follows:


(in thousands)	As of December 31, 2022
Weighted-average remaining lease term - operating leases	7.25 years
Weighted-average discount rate - operating leases		5.80	%

Future minimum lease payments under the non-cancelable operating leases consisted of the following as of December 31, 2022:


Year Ending December 31,	(in thousands)
2023		4,733
2024		4,847
2025		4,993
2026		5,143
2027		5,297
Thereafter		12,490
Total future minimum lease payments		37,503
Less: imputed interest		(7,020	)
Present value of lease liabilities	$	30,483

Included in the condensed consolidated balance sheet (in thousands)	December 31, 2022
Lease liability		4,610
Lease liability, net of current portion		25,873
Total lease liability	$	30,483