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Commitments and Contingencies | 6 Months Ended
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Jun. 30, 2023
Commitments and Contingencies |
Commitments and Contingencies | 8. Commitments and Contingencies Operating Leases 620 Memorial Facility Lease ​ In March 2015, the Company entered into a 5-year lease of office and laboratory space for its corporate headquarters (the “Lease”) at 620 Memorial Drive in Cambridge, Massachusetts. The Lease was amended in February 2018, to add an additional space (the “Expansion Space”) at the current location and to extend the Lease term (the “Amended Lease”). The Amended Lease expires in September 2023. Annual rent payments, including the Expansion Space, increase from $1.4 million to $1.7 million over the term of the Amended Lease. Variable lease payments include the Company’s allocated share of costs incurred and expenditures made by the landlord in the operation and management of the building. ​ On October 5, 2020, the Company entered into a Sublease Agreement (the “Sublease”) with Orna Therapeutics, Inc. (the “Subtenant”) to sublease the space covered by the Amended Lease at 620 Memorial Drive, Cambridge, Massachusetts. The Sublease term commenced on February 1, 2021 and ends on August 31, 2023, unless terminated earlier. The Sublease provides for initial annual base rent of approximately $1.9 million. The Subtenant is obligated to pay for certain costs, taxes and operating expenses, subject to certain exclusions. The Sublease is subordinate to that certain Indenture of Lease, dated March 5, 2015, by and between 620 Memorial Leasehold LLC and Scholar Rock, Inc., as amended. 301 Binney Facility Lease ​ In November 2019, the Company entered into a lease of office and laboratory space at 301 Binney Street in Cambridge, Massachusetts to be used as its new corporate headquarters. The expiration date of the lease is in August 2025 and the Company has the option to extend the term by two years. The base rent is $6.9 million per year, subject to an annual increase of 3.5%, and the Company was subject to a free-rent period through mid-August 2020. Variable lease payments include the Company’s allocated share of costs incurred and expenditures made by the landlord in the operation and management of the building. The lease included incentives of $14.1 million in the form of an allowance for tenant improvements related to the design and build out of the space. In connection with the lease, the Company has secured a letter of credit for $2.3 million which renews automatically each year. The lease commencement date, for accounting purposes, was reached in September 2020. ​ Other information related to the Company’s leases (excluding the Company’s sublease income of $0.8 million and $1.5 million for the three and six months ended June 30, 2023, respectively) is as follows (in thousands, except lease term and discount rate): ​
​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | For Three Months Ended | ​ | For Six Months Ended | ​
​ |  | June 30, |  | June 30, | ​
​ | ​ | 2023 | ​ | 2023 |
Lease Cost: | ​ | ​ | ​ | ​ | ​ | ​ | ​
Operating lease cost | ​ | $ | 2,169 | ​ | $ | 4,337 | ​
Variable lease cost | ​ | ​ | 669 | ​ | ​ | 1,159 | ​
Total lease cost | ​ | $ | 2,838 | ​ | $ | 5,496 | ​
​
​ | ​ | ​ | ​
​ | For Six Months Ended | ​
​ | June 30, | ​
​ | 2023 |
Other information: | ​ | ​ | ​
Operating cash flows used for operating leases | $ | 4,823 | ​
Weighted average remaining lease term | ​ | 2.1 | ​
Weighted average incremental borrowing rate | ​ | 7.6 | %
​ ​ Legal Proceedings ​ The Company, from time to time, may be party to litigation arising in the ordinary course of its business. The Company was not subject to any material legal proceedings during the six months ended June 30, 2023 and 2022.

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