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Commitments and Contingencies | 3 Months Ended
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Mar. 31, 2022
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 12. Commitments and Contingencies Commitments In the normal course of business, the Company enters into agreements with contract research organizations (“CROs”), research programs and with vendors for nonclinical studies, manufacturing and other services and products for operating purposes, which agreements are generally cancellable by the Company at any time, subject to payment of remaining obligations under binding purchase orders and, in certain cases, nominal early-termination fees. These commitments are not deemed significant. Operating Leases As of March 31, 2022, the Company has one operating lease, where the Company is the lessee or sublessee, for office and laboratory space. The original lease term expired in March 2022 and the Company has extended the term to June 2022. The Company had no finance leases as of March 31, 2022. The Company’s rent expense was $0.2 million for the three months ended March 31, 2022 and 2021, respectively. In addition to above lease commitment, on September 29, 2021, the Company entered into a lease agreement for an office and laboratory space in Boston, Massachusetts. The lease will expire on December 31, 2032 and have scheduled rent increases each year of 3%. There is an additional five-year option to extend the lease beyond December 31, 2032. The future undiscounted operating lease payments (base rent) under the lease agreement is $33.8 million over an initial lease period of approximately ten years. The Company will record the right-of-use asset and operating lease liability upon obtaining the possession of the property, which it expects to happen in the second quarter of 2022. Contingencies In March 2020, COVID-19 disease was declared a pandemic by the World Health Organization. Currently, the Company has not suffered significant adverse consequences as a result of the COVID-19 pandemic, however, the extent to which COVID-19 may impact the Company’s future financial condition or results of operations is uncertain.

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