Leases

12 Months Ended

Dec. 31, 2024

Operating Leases

In July 2021, the Company signed an operating lease for office and laboratory space in Boston, Massachusetts (the “Boston Lease”). The Boston Lease commenced in February 2022 with the term set to expire in February 2030. The Boston Lease has rent payments escalating annually, which total $11.1 million in the aggregate. As a result, at the commencement of the Boston Lease, the Company recognized a ROU lease asset of $8.0 million with a corresponding lease liability of $8.0 million based on the present value of the minimum rental payments. In addition, the Company will make payments for operating expenses and real estate taxes. In June 2023, the Company secured a letter of credit for the deposit on the Boston Lease and has a deposit in the amount of $0.7 million, which was reported as restricted cash, noncurrent on the consolidated balance sheets as of December 31, 2024 and 2023.

As part of the Merger Agreement, the Company also assumed a lease for clinical and regulatory space in Newton, Massachusetts, comprising approximately 6,157 square feet for approximately $0.2 million per year, under a non-cancelable operating lease that expired on June 30, 2024.

Lease expense for all leases for the years ended December 31, 2024 and 2023 was $1.5 million and $1.5 million, respectively.

The following table summarizes quantitative information about the Company's operating leases (dollars in thousands):


	For the year ended December 31,
	2024			2023
Operating cash outflows from operating leases	$	1,427		$	1,380

Weighted-average remaining lease term—operating leases (in years)	5.1			5.6
Weighted-average discount rate—operating leases	8.0		%	7.5		%

As of December 31, 2024, maturities of lease liabilities were as follows (in thousands):


Year Ended December 31,	Amounts
2025	$	1,350
2026	1,383
2027	1,425
2028	1,467
2029	1,512
Thereafter	253
Total	7,390
Less present value discount	(1,384)
Operating lease liabilities	6,006
Less: operating lease liability, current portion	(901)
Operating lease liability, noncurrent portion	$	5,105