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Sublease

9 Months Ended

Sep. 30, 2023

16. Sublease

On July 8, 2022, the Company entered into a Sublease Agreement with a sublessee to sublease approximately 30,040 rentable square feet of the Company's office space in Lexington, MA for a two-year term. The base sublease rent per month for the first and second year of the sublease is $197 and $203, respectively. In addition to base rent, the sublessee will pay 49% of operating costs and taxes payable under the Company's lease for the Lexington, MA office space. On August 11, 2023 the Company entered into a Sublease Termination Agreement with the sublessee, pursuant to which the parties agreed to terminate the Sublease Agreement on January 31, 2024. The Company is not subject to any payments or costs as a result of the termination.

Since commencement, the Company has accounted for the Lexington, MA office space as an operating lease. In accordance with ASC 842, the Company concluded the sublease is also an operating lease. The Company recognized sublease income of $580 and $1,766 for the three and nine months ended September 30, 2023. The below table shows the expected future sublease income as of September 30, 2023.


Years Ending December 31,	Sublease Income
2023		574
2024		191
Total future sublease income		765