Supplemental Balance Sheet Information

6 Months Ended

Jun. 30, 2022

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property and Equipment

Property and equipment, net as of June 30, 2022 and December 31, 2021 consists of the following:


	June 30, 2022			December 31, 2021
	(in thousands)
Laboratory equipment	$	5,860		$	5,587
Computer equipment		198			198
Computer software		125			125
Furniture and fixtures		467			467
Leasehold improvements		246			246
Construction in progress		4,606			738
		11,502			7,361
Less: Accumulated depreciation		(3,143	)		(2,529	)
Property and equipment, net	$	8,359		$	4,832

Depreciation expense was $0.6 million and $0.4 million for the six months ended June 30, 2022 and 2021, respectively.

At June 30, 2022, the balance of construction in process includes construction costs for lessee-owned improvements and costs associated with laboratory equipment under installation at the leased office and laboratory premises at 201 Brookline Avenue. The in-progress construction projects are expected to be completed and the 201 Brookline Avenue lease is expected to commence in the third quarter of 2022.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of June 30, 2022 and December 31, 2021 include the following:


	June 30, 2022		December 31, 2021
	(in thousands)
Payroll and employee-related costs	$	2,926	$	3,688
Research and development costs		10,318		5,533
Other		917		666
Total accrued expenses and other current liabilities	$	14,161	$	9,887

Restricted Cash

As of June 30, 2022 and 2021, the Company maintained a restricted cash balance of $4.0 million and $2.3 million, respectively, all of which was related to security deposits associated with the Company’s facility leases. The cash will remain restricted in accordance with the lease agreements absent the event of a lease termination or modification. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows:


	June 30, 2022		June 30, 2021
	(in thousands)
Cash and cash equivalents	$	104,582	$	50,902
Restricted cash		3,990		2,279
Cash, cash equivalents and restricted cash	$	108,572	$	53,181