Leases

12 Months Ended

Dec. 31, 2024

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, 2024 and 2023, the Company has a letter of credit for the benefit of its landlord in the amount of $1.8 million and $1.6 million, respectively, 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,
	2024		2023
Operating lease cost	$	1,225	$	1,225
Variable lease cost		1,060		982
Total lease costs	$	2,285	$	2,207
Finance lease cost:
Amortization of right-of-use asset	$	49	$	85
Interest on lease liability		1		6

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,
	2024			2023
Operating Lease:
Operating lease right-of-use asset	$	4,587		$	5,125
Operating lease liability, current portion	$	1,188		$	1,047
Operating lease liability, net of current portion	$	6,954		$	8,142
Finance Lease:
Other non-current assets	$	—		$	134
Other current liabilities		—			48
Other liabilities, long-term		—			—
Weighted-average remaining lease term (in years):
Operating lease		5.2			6.2
Finance lease		—			0.7
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,
		2024		2023
Cash paid for amounts included in the measurement of lease liabilities:
Operating cash flows from operating leases	$	1,733	$	1,683
Financing cash flows from finance leases		49		85

Future minimum lease payments under non-cancellable leases as of December 31, 2024 are as follows:

	Operating Lease
2025	$	1,785
2026		1,839
2027		1,894
2028		1,951
2029		2,010
Thereafter		506
Total future minimum lease payments		9,985
Present value adjustment		(1,843)
Present value of lease liabilities	$	8,142