XML 32 R13.htm IDEA: XBRL DOCUMENT v3.24.1
Leases
12 Months Ended
Dec. 31, 2023
Leases  
Leases

7. Leases

The Company has an operating lease for its headquarters and a finance lease for certain lab equipment. In August 2019, the Company entered into a facility lease agreement with a landlord providing funding for tenant improvements and occupancy of approximately 27,830 square feet of office and laboratory space (the “premises”) at 828 Winter Street, Waltham, Massachusetts. The initial term of the lease expires in March 2030, unless terminated earlier in accordance with the terms of the lease. The Company has a right to a five-year option to extend at then-market rates. The Company is obligated to pay its portion of real estate taxes and costs related to the premises, including costs of operations, maintenance, repair, replacement, and management of the leased premises, which it began paying simultaneous with the rent commencement date in March 2020. As of December 31, 2023 and 2022, the Company has a letter of credit for the benefit of its landlord in the amount of $1.6 million, collateralized by a money market account, which is recorded as restricted cash on the consolidated balance sheets.

The components of lease expense were as follows:

    

Year Ended

December 31, 

2023

2022

Operating lease cost

$

1,225

$

1,225

Variable lease cost

982

959

Total lease costs

$

2,207

$

2,184

Finance lease cost:

 

  

 

  

Amortization of right-of-use asset

$

85

$

85

Interest on lease liability

 

6

 

12

Supplemental balance sheet information related to the leases was as follows (in thousands, except for remaining lease term and discount rates):

Year Ended

    

December 31, 

2023

 

2022

Operating Lease:

Operating lease right-of-use asset

$

5,125

 

$

5,585

Operating lease liability, current portion

$

1,047

$

918

Operating lease liability, net of current portion

$

8,142

$

9,189

Finance Lease:

 

  

 

  

Other non-current assets

$

134

$

219

Other current liabilities

 

48

 

82

Other liabilities, long-term

 

 

45

Weighted-average remaining lease term (in years):

 

  

 

  

Operating lease

 

6.2

 

7.2

Finance lease

 

0.7

 

1.7

Weighted-average discount rate:

 

  

 

  

Operating lease

 

8.0

%

 

8.0

%  

Finance lease

 

6.9

%

 

6.9

%  

Supplemental cash flow information related to leases was as follows:

    

Year Ended

December 31, 

2023

2022

Cash paid for amounts included in the measurement of lease liabilities:

  

  

Operating cash flows from operating leases

$

1,683

$

1,634

Financing cash flows from finance leases

 

85

 

85

Future minimum lease payments under non-cancellable leases as of December 31, 2023 are as follows:

    

Operating Lease

    

Finance Lease

2024

$

1,733

$

49

2025

 

1,785

 

2026

 

1,839

 

2027

 

1,894

 

2028

 

1,951

 

Thereafter

 

2,516

 

Total future minimum lease payments

11,718

49

Present value adjustment

 

(2,529)

 

(1)

Present value of lease liabilities

$

9,189

$

48