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Lease

3 Months Ended

Mar. 31, 2024

8. Lease

On February 4, 2019, the Company signed a lease agreement for its corporate headquarters at 117 Kendrick Street in Needham, Massachusetts. The facility consists of a 15,197 square foot property which houses the corporate, clinical, laboratory and manufacturing operations for the Company. The lease term ends on August 31, 2026.

For each of the three months ended March 31, 2024 and 2023, the Company recorded $0.1 million of operating lease cost and for the three months ended March 31, 2024 and 2023, the Company has recorded $38,000 and $49,000, respectively, of variable lease cost. The total lease expense for each of the three months ended March 31, 2024 and 2023 was $0.1 million.

Cash paid for amounts included in the lease liability for each of the three months ended March 31, 2024 and 2023 was $0.1 million.


	THREE MONTHS ENDED MARCH 31,
Other Information	2024			2023
Operating cash flows used for operating leases	$	148		$	144
Weighted-average remaining lease term (years)		2.4			3.4
Weighted-average incremental borrowing rate		7.02	%		7.02	%

The future lease payments under non-cancelable leases at March 31, 2024, are as follows (in thousands):


2024		450
2025		613
2026		415
Total future lease payments		1,478
Less: imputed interest		(115	)
Total lease liability	$	1,363