In May 2019 the Company entered into an agreement, as subsequently amended, to lease laboratory space pursuant to a three-month, automatically renewing lease. Due to the short-term nature of the lease, it was not included as an operating lease right of use asset nor as an operating lease liability on the Company’s balance sheets. The Company terminated the agreement in September 2021.

In February 2021, the Company entered into a lease agreement with Crossing Holdings, LLC to rent approximately 12,370 square feet of laboratory and office space (the “Lease”). The Company’s Executive Chairperson, co-founder and member of its board of directors, is the sole member and Manager of Crossing Holdings, LLC. The lease commenced in September 2021 with a term of 72 months and an option to extend the lease term for a period of three years; however, it is not reasonably certain the Company will exercise the option to renew when the lease term ends in 2027, and thus, the incremental term was excluded from the calculation of the right-of-use asset or lease liability. Lease payments are subject to annual increases of 3% and the Company is responsible for its share of operating expenses and taxes, which are expensed as incurred. As of September 30, 2021, the remaining lease term for the lease was 5.9 years and the discount rate used to determine the right-of-use asset and corresponding operating lease liability was 7.15%.

Maturities of operating lease liabilities as of September 30, 2021 are as follows (in thousands):


2021 (remaining three months)	$	181
2022		733
2023		755
2024		778
2025		801
Thereafter		1,386
Total future minimum lease payments		4,634
Less: Present value adjustment		(886	)
Operating lease liabilities	$	3,748

Rent expense for the three months ended September 30, 2021 and 2020 was $0.2 million and less than $0.1 million, respectively. Rent expense for the nine months ended September 30, 2021 and 2020 was $0.4 million and $0.1 million, respectively.