Supplemental Balance Sheet Information

3 Months Ended

Mar. 31, 2023

Organization, Consolidation and Presentation of Financial Statements [Abstract]

Property and Equipment

Property and equipment, net as of March 31, 2023 and December 31, 2022 consists of the following:


	March 31, 2023			December 31, 2022
	(in thousands)
Laboratory equipment	$	7,714		$	7,720
Computer equipment		2,262			2,235
Computer software		125			125
Furniture and fixtures		1,737			1,699
Leasehold improvements		2,831			2,778
Construction in progress		678			8
		15,347			14,565
Less: Accumulated depreciation		(4,241	)		(3,681	)
Property and equipment, net	$	11,106		$	10,884

Depreciation expense was $0.6 million and $0.3 million for the three months ended March 31, 2023 and 2022, respectively.

Accrued Expenses and Other Current Liabilities

Accrued expenses and other current liabilities as of March 31, 2023 and December 31, 2022 include the following:


	March 31, 2023		December 31, 2022
	(in thousands)
Payroll and employee-related costs	$	2,040	$	5,738
Research and development costs		7,127		10,490
Other		1,525		1,267
Total accrued expenses and other current liabilities	$	10,692	$	17,495

Restricted Cash

As of March 31, 2023 and 2022, the Company maintained a restricted cash balance of $3.4 million and $4.0 million, respectively, all of which was related to security deposits associated with the Company’s facility leases. The cash will remain

restricted in accordance with the lease agreements absent the event of a lease termination or modification. The reconciliation of cash and cash equivalents and restricted cash to amounts presented in the condensed consolidated statements of cash flows are as follows:


	March 31, 2023		March 31, 2022
	(in thousands)
Cash and cash equivalents	$	57,252	$	99,909
Restricted cash		3,423		3,990
Cash, cash equivalents and restricted cash	$	60,675	$	103,899

A $0.6 million letter of credit associated with the previous facility lease at 100 Binney Street and recorded as short-term restricted cash on the balance sheet as of December 31, 2022 was released to the Company in March 2023.