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 ROU asset, related party and lease liability, related party. The lease includes variable non-lease components (e.g., common area maintenance, maintenance, etc.) that are not included in the ROU asset, related party and operating lease liability, related party and are reflected as an expense in the period incurred. 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 December 31, 2021, the remaining lease term for the lease was 5.7 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, related party as of December 31, 2021 are as follows (in thousands):


2022	$	733
2023		755
2024		778
2025		801
2026		825
Thereafter		561
Total future minimum lease payments		4,453
Less: Present value adjustment		(820	)
Operating lease liabilities, related party	$	3,633

Rent expense for the years ended December 31, 2021 and 2020 was $0.6 million and $0.1 million, respectively.