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Leases | 9 Months Ended
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Sep. 30, 2024
Leases [Abstract] |
Leases | 8. Leases Cambridgepark Lease Amendments On June 15, 2021, the Company entered into the first lease amendment (“First Lease Amendment”) and second lease amendment (“Second Lease Amendment” and, together with the First Lease Amendment, the “Lease Amendments”) with PPF Off 100 Cambridge Park Drive, LLC (the “Landlord”). The Lease Amendments amended the Company’s lease agreement for its corporate office and laboratory facilities with the Landlord in Cambridge, Massachusetts to add additional leased space in the same building (the “Amended Cambridgepark Lease”). The First Lease Amendment and Second Lease Amendment commenc ed for accounting purposes on January 28, 2022 and April 29, 2022, respectively. The terms of the Lease Amendments are through September 2030 for approximately $8.4 million and $22.3 million in fixed payments for the First Lease Amendment and Second Lease Amendment, respectively. There are no options to extend the Lease Amendments. Payments due associated with the Lease Amendments include fixed and variable payments. Variable payments relate to the Company’s share of the Landlord’s operating costs associated with the underlying assets and are recognized when the event on which those payments are assessed occurs. The Amended Cambridgepark Lease does not contain a residual value guarantee. The Lease Amendments term end dates are coterminous with the existing lease agreement. In conjunction with the Lease Amendments, the Company was required to increase its irrevocable standby letter of credit to $2.4 million for the benefit of the Landlord, which has been secured by money market investments and is presented as restricted cash equivalents. For further information regarding the Company’s Cambridgepark lease, please see Note 9 to the consolidated financial statements included in the 2023 Annual Report. The elements of lease expense were as follows:
|  | Three Months Ended September 30, |  |  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |  |  | 2024 |  |  | 2023 |
Operating lease cost |  | $ | 1,951 |  |  | $ | 1,950 |  |  | $ | 5,853 |  |  | $ | 5,851 |
Variable lease cost |  |  | 681 |  |  |  | 663 |  |  |  | 1,890 |  |  |  | 1,921 |
Total lease cost |  | $ | 2,632 |  |  | $ | 2,613 |  |  | $ | 7,743 |  |  | $ | 7,772 |
Amounts reported in the condensed consolidated balance sheets and the weighted-average lease term and discount rate information were as follows:
(in thousands except weighted-average amounts) |  | September 30, 2024 |  |  | December 31, 2023 |
Assets |  |  |  |  |  |
Operating lease right-of-use assets |  | $ | 36,296 |  |  | $ | 40,048 |
Liabilities |  |  |  |  |  |
Operating lease liabilities, current |  | $ | 4,163 |  |  | $ | 3,830 |
Operating lease liabilities, non-current |  |  | 28,691 |  |  |  | 31,830 |
Total lease liabilities |  | $ | 32,854 |  |  | $ | 35,660 |
Weighted-Average Lease Term and Discount Rate |  |  |  |  |  |
Weighted-average remaining lease term (years) |  |  | 6.0 |  |  | 6.7 |
Weighted-average discount rate |  |  | 8.2 | % |  |  | 8.2 | %
The following table represents other lease activity:
|  | Nine Months Ended September 30, |
(in thousands) |  | 2024 |  |  | 2023 |
Other Information |  |  |  |  |  |
Cash paid for amounts included in the measurement of lease liabilities |  |  |  |  |  |
Operating cash flows for operating leases |  | $ | 4,906 |  |  | $ | 4,263 |
Right-of-use assets obtained in exchange for lease obligations |  | $ | — |  |  | $ | 37 |

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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 -Topic 842 -SubTopic 20 -Name Accounting Standards Codification -Publisher FASB -URI https://asc.fasb.org/842-20/tableOfContent + Details
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