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Commitments and Contingencies | 9 Months Ended
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Sep. 30, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingencies | 6. Commitments and Contingencies Operating Leases In June 2015, the Company executed a noncancelable operating lease for approximately 13,000 square feet of laboratory, research and development, and office space in Cranbury, New Jersey. This location operated as the Company's headquarters until March 2023. In June 2017, the Company obtained an additional noncancelable operating lease for approximately 6,000 square feet of laboratory space in the same corporate center. As a result of the additional space, both leases were set to expire in June 2022. In January 2022, the Company signed a lease extension for both leases for up to one additional year through June 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The lease was terminated as of June 2023. In August 2018, the Company executed two noncancelable operating leases. One lease for approximately 6,000 square feet for vivarium, laboratory and general office space in South Brunswick, New Jersey. The lease was set to expire in July 2022. In January 2022, the Company signed a lease extension for up to one additional year through July 2023, with the option to terminate upon 120 days of written notice, with an increase in base rent as per the lease extension. The second lease is for office space in Lexington, Massachusetts, that expired in August 2023. In January 2021, the Company signed a lease for 50,581 square feet of office and laboratory space at One Research Way in Princeton, New Jersey. That lease term extends through 2032, has a five-year extension option, and replaced the Company’s two existing facilities as the Company’s headquarters in March 2023. Payment under this lease will total $19,889 through May 2032. The Company received a lease incentive of $4,046 from the lessor for a buildout of laboratory, vivarium, and office space, to be reimbursed to the Company in 2022 and 2023. Management estimated the timing and amounts of reimbursements and included them as a reduction of lease payments when initially measuring the lease liability and right-of-use asset upon commencement. Since the inception date of the lease, $2,969 reimbursements were received. For the nine months ended September 30, 2023, no reimbursements were received. The components of lease cost for the three and nine months ended September 30, 2023, and 2022, are as follows:
|  | Three Months Ended September 30, | Nine Months Ended September 30, |
(in thousands) |  | 2023 |  |  | 2022 |  |  | 2023 |  |  | 2022 |
Operating lease cost |  | $ | 366 |  |  | $ | 578 |  |  | $ | 1,559 |  |  | $ | 1,619 |
Variable lease cost |  |  | 161 |  |  |  | 247 |  |  |  | 792 |  |  |  | 643 |
Total lease cost |  | $ | 527 |  |  | $ | 825 |  |  | $ | 2,351 |  |  | $ | 2,262 |
Amounts reported in the balance sheet for leases where the Company is the lessee as of September 30, 2023, and December 31, 2022, are as follows:
Operating Leases (in thousands, except lease term and discount rate data): |  | September 30, 2023 |  |  | December 31, 2022 |
Right-of-use assets, operating leases |  | $ | 8,545 |  |  | $ | 9,539 |
Operating lease liabilities, current |  | $ | - |  |  | $ | 528 |
Operating lease liabilities, non-current |  |  | 12,699 |  |  |  | 13,448 |
Total operating lease liabilities |  | $ | 12,699 |  |  | $ | 13,976 |
Weighted-average remaining lease term (years) |  |  | 8.67 |  |  |  | 9.08 |
Weighted-average discount rate |  |  | 5.75 | % |  |  | 5.75 | %
Other information related to leases for the nine months ended September 30, 2023 and 2022, respectively, as follows:
|  | Nine Months Ended September 30, |
(in thousands) |  | 2023 |  |  | 2022 |
Net cash paid (received) for amounts included in the measurement of lease liabilities |  | $ | 1,842 |  |  | $ | (242 | )
Leased assets obtained in exchange for new or modified operating lease liabilities |  |  | 11 |  |  |  | 581 |
Future minimum lease payments, net of reimbursements, remaining as of September 30, 2023, under operating leases by fiscal year were as follows:
Fiscal year |  | (in thousands) |
2023 |  | $ | (636 | )
2024 |  |  | 1,814 |
2025 |  |  | 1,869 |
2026 |  |  | 1,925 |
2027 |  |  | 1,983 |
Thereafter |  |  | 9,495 |
Total lease payments |  | $ | 16,450 |
Less: Present Value Adjustment |  |  | (3,751 | )
Present value of lease payments |  | $ | 12,699 |
Rent expense recorded during the three months ended September 30, 2023 and 2022 was $366 and $578, respectively. Rent expense recorded during the nine months ended September 30, 2023 and 2022 was $1,559 and $1,619, respectively. Contingencies From time to time, the Company may have certain contingent liabilities that arise in the ordinary course of its business activities. The Company accrues a liability for such matters when future expenditures are probable and such expenditures can be reasonably estimated.

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