In August 2021, the Company entered into a five-year noncancelable operating lease for a facility in Switzerland, which it determined was an operating lease at the inception of the lease contract. The lease commencement date occurred in September 2021 when the Company gained access to the facility. The Company is obligated to make monthly rental payments that periodically escalate during the lease term and is subject to additional charges for common area maintenance and other costs. The Company has an option to extend the lease for a period of five years which the Company is not reasonably certain to exercise.

In March 2022, the Company entered into a lease for office and laboratory space located in Boston, Massachusetts (the “Boston Lease”), which it determined was an operating lease at the inception of the lease contract. The Boston Lease commenced in April 2022 with base rental payments beginning in January 2023. The Boston Lease includes certain tenant improvement allowances for the reimbursement of up to $6.3 million of costs incurred by the Company, and an option for the Company to extend the lease for a period of five years, which the Company is not reasonably certain to exercise. Under the terms of the Boston Lease, the Company provided the lessor with an irrevocable standby letter of credit secured by restricted cash in the amount of $1.6 million.

As of June 30, 2022, the weighted-average remaining lease term of the Company’s operating leases was 10.5 years, and the weighted-average discount rate on the Company’s operating leases was 7.4%. As there was not an implicit rate within the leases, the discount rate was determined by using a set of peer companies incremental borrowing rates. For the three and six months ended June 30, 2022, operating lease expense was $0.8 million, and cash paid for amounts included in the measurement of lease liabilities was immaterial, and the Company incurred an immaterial amount of expense related to short-term leases. No material lease expense was incurred during 2021.


	June 30, 2022
Years ending December 31:
2022 (remaining 6 months)	$	60
2023		3,481
2024		3,582
2025		3,686
2026		3,782
Thereafter		24,935
Total undiscounted operating lease payments		39,526
Present value adjustment		(12,712	)
Tenant improvement reimbursements		(5,989	)
Operating lease liability		20,825
Less current portion of operating lease liability		35
Operating lease liability, net of current portion	$	20,790

In the event the Company becomes subject to claims or suits arising in the ordinary course of business, the Company would accrue a liability for such matters when it is probable that future expenditures will be made and such expenditures can be reasonably estimated.