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Commitments and Contingencies (Tables)

12 Months Ended

Dec. 31, 2020

Commitments and Contingencies

Summary of lease costs

Other information related to the Company’s leases (excluding the Company’s sublease) is as follows (in thousands, except lease term and discount rate):


		For Year Ended
		December 31,
		2020
Lease Cost:
Operating lease cost		$	3,229
Variable lease cost			1,027
Total lease cost		$	4,256


	For Year Ended
	December 31,
	2020
Other information:
Operating cash flows used for operating leases ⁽¹⁾	$	2,111
Weighted average remaining lease term		4.4 years
Weighted average incremental borrowing rate		7.5	%

⁽¹⁾Operating cash flows used for operating leases are presented net of certain tenant improvement reimbursements received related to the construction of the Company’s office and laboratory space at 301 Binney Street.

Summary of minimum lease payments

The following is a maturity analysis of the annual undiscounted cash flows reconciled to the carrying value of the operating lease liabilities as of December 31, 2020 (in thousands):


Year Ending December 31,
2021⁽¹⁾		$	7,657
2022			9,196
2023			9,070
2024			8,064
2025			4,498
Total lease payments			38,485
Less imputed interest			(6,026)
Total operating lease liabilities		$	32,459

⁽¹⁾Cash flows for operating lease liabilities in 2021 are presented net of tenant improvement allowances expected to be received related to the construction of the Company’s office and laboratory space at 301 Binney Street.