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Lease | 3 Months Ended
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Mar. 31, 2022
Leases [Abstract] |
Lease | 7. Lease 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 March 31, 2022, the remaining lease term for the lease was 5.4 years and the discount rate used to determine the right-of-use asset and corresponding operating lease liability was 7.15%. In March 2022, the Company entered into an amendment (the "Lease Amendment") to its Lease with Crossing Holdings, LLC to rent approximately 4,900 square feet of additional office space in the same building. The anticipated delivery date of the additional space is in the third quarter of 2022 and the lease is expected to commence at that time. The term of the additional premises under the Lease Amendment will coincide with the term of the Lease and end in 2027. Maturities of operating lease liabilities as of March 31, 2022 are as follows (in thousands):
2022 (remaining nine months) |  | $ | 552 |
2023 |  |  | 755 |
2024 |  |  | 778 |
2025 |  |  | 801 |
2026 |  |  | 825 |
Thereafter |  |  | 561 |
Total future minimum lease payments |  |  | 4,272 |
Less: Present value adjustment |  |  | (757 | )
Operating lease liabilities |  | $ | 3,515 |
Rent expense for the three months ended March 31, 2022 and 2021 was $0.2 million and $0.1 million, resp ectively.

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- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
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