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Right of Use Asset and Lease Liability | 6 Months Ended
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Jun. 30, 2024
Right of Use Asset and Lease Liability |
Right of Use Asset and Lease Liability | ​ 7. Right of Use Asset and Lease Liability The Company has a material operating lease for its head office facility located in Boston, Massachusetts and other immaterial operating leases for certain equipment. On May 2, 2024, the Company entered into an agreement to amend the current operating lease agreement for its head office facility. Under the amendment, the current lease was extended for five years through July 31, 2030, with $5,694 committed to future lease payments. The Company acquired Right of Use Assets of $3.1 million under the amended operating lease. The Company measured the lease liability associated with the office lease modification using an incremental borrowing rate (“IBR”) of 13%. The Company estimated the IBR for the leased asset based on a range of comparable interest rates the Company would incur to borrow an amount equal to the lease payments on a collateralized basis over a similar term in a similar economic environment. As of June 30, 2024, the Company has not entered into any lease arrangements classified as a finance lease. Rent expense, or operating lease costs, was $272, $606, $291 and $587, for the three and six month periods ended June 30, 2024 and 2023. Supplemental cash flow information related to the Company’s lease for the six months ended June 30, 2024 and 2023, includes cash payments of $421 and $413, respectively, used in the measurement of its operating lease liability. As of June 30, 2024, the Company’s operating lease liability has a weighted average remaining lease term of approximately five years. ​ The following table presents the maturities of the Company’s operating lease liability related to office space as of June 30, 2024, all of which is under a non-cancellable operating lease: ​
​ | ​ | ​ | ​
​ |  | Operating Lease
2024 | ​ | $ | 429
2025 | ​ |  | 456
2026 | ​ | ​ | 1,103
2027 | ​ | ​ | 1,125
2028 | ​ | ​ | 1,148
2029 | ​ | ​ | 1,171
2030 | ​ | ​ | 691
Total operating lease payments | ​ | ​ | 6,123
Less: imputed interest | ​ | ​ | (2,006)
Total operating lease liability | ​ | $ | 4,117
​

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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