XML 68 R22.htm IDEA: XBRL DOCUMENT
v3.21.1

Leases | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Leases | 14. Leases 215 First Street The Company leased office and laboratory space at 215 First Street in Cambridge, Massachusetts (“First Lease”) under an operating lease, which commenced in November 2015 and was originally set to expire in December 2020. As discussed below, the Company executed a lease at 399 Binney Street (“Binney Lease”) whereby the Company vacated the 215 First Street lease in January 2019 and the future lease commitments terminated at no cost once the Binney Lease commenced. The lease included certain tenant improvement allowances, which the Company amortized through January 2019, the termination of the lease. 399 Binney Street In December 2017, the Company entered into a facility lease agreement for approximately 44,336 square feet of office and laboratory space at 399 Binney Street, Cambridge, Massachusetts, which was increased to 44,807 square feet in January 2018. The Company gained control of the leased space in January 2019 and recorded a right of use asset and a lease liability, accordingly. The lease expires in April 2029, subject to certain renewal options, which have not been included in the Company’s right of use asset and liability, as the Company is not reasonably certain to exercise those options. In September 2020, the Company entered into an amendment to its facility lease agreement to expand the leased area by approximately 1,824 square feet of office space at 399 Binney Street, Cambridge, Massachusetts. The amended lease expires in April 2029, subject to certain renewal options. The amendment to the lease agreement met the criteria to be accounted for as a separate lease. The Company gained control of the leased space in October 2020 and recorded a right of use asset and a lease liability, accordingly. The right of use asset and lease liability recorded in connection with this amendment were not material. As discussed in Note 2, the Company provided a letter of credit in the amount of $878 with a financial institution, which expires September 30, 2028. The following table summarizes the presentation of the Company’s operating leases on its consolidated balance sheets:
|  |  |  | December 31, |  |  | December 31, |
|  | Balance sheet location |  | 2020 |  |  | 2019 |
Assets: |  |  |  |  |  |  |  |  |  |
Operating lease assets |  | Operating lease assets |  | $ | 22,579 |  |  | $ | 23,560 |
Liabilities: |  |  |  |  |  |  |  |  |  |
Current operating lease liabilities |  | Operating lease liabilities |  | $ | 1,521 |  |  | $ | 1,249 |
Non-current operating lease liabilities |  | Operating lease liabilities, net of current portion |  |  | 22,901 |  |  |  | 23,583 |
|  | Total lease liabilities |  | $ | 24,422 |  |  | $ | 24,832 |
The following table summarizes the effect of lease costs in the Company’s consolidated statements of operations and comprehensive loss for the years ended December 31, 2020 and 2019:
|  | Statement of operations location |  | Year Ended December 31, 2020 |  |  | Year Ended December 31, 2019 |
Operating lease costs |  | Research and development |  | $ | 3,273 |  |  | $ | 3,216 |
|  | General and administrative |  | 748 |  |  |  | 581 |
|  | Total operating lease cost |  | $ | 4,021 |  |  | $ | 3,797 |
The Company made cash payments of $4,878 and $2,602 under the lease agreements during the years ended December 31, 2020 and 2019, respectively. The minimum lease payments as of December 31, 2020 for the next five years and thereafter is expected to be as follows:
Year Ending December 31, |  | Amount |
2021 |  | $ | 3,985 |
2022 |  |  | 4,134 |
2023 |  |  | 4,254 |
2024 |  |  | 4,377 |
2025 |  |  | 4,503 |
Thereafter |  |  | 15,959 |
Total lease payments |  |  | 37,212 |
Less: interest |  |  | (12,790 | )
Present value of operating lease liabilities |  | $ | 24,422 |
The weighted average remaining lease term and weighted average discount rate of the operating leases were 8.3 years and 10.4%, respectively, at December 31, 2020. The weighted average remaining lease term and weighted average discount rate of the operating leases were 9.3 years and 10.4%, respectively, at December 31, 2019.

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for lessee entity's leasing arrangements including, but not limited to, all of the following: (a.) The basis on which contingent rental payments are determined, (b.) The existence and terms of renewal or purchase options and escalation clauses, (c.) Restrictions imposed by lease agreements, such as those concerning dividends, additional debt, and further leasing. + References Reference 1: http://fasb.org/us-gaap/role/ref/otherTransitionRef -Publisher FASB -Name Accounting Standards Codification -Topic 840 -URI http://asc.fasb.org/topic&trid=2208923 + Details
Name: | us-gaap_LeasesOfLesseeDisclosureTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration