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Commitments and Contingences | 9 Months Ended
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Sep. 30, 2021
Commitments And Contingencies Disclosure [Abstract] |
Commitments and Contingences | 12. Commitments and Contingencies Operating Leases The Company leases office and laboratory space in Menlo Park, CA, Redwood City, CA, and Boston, MA. As of September 30, 2021, except as described below, there have been no material changes in lease obligation from those disclosed in Note 12 to consolidated financial statements included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2020. On June 25, 2021, the Company entered into an amendment to the Menlo Park lease to extend the term of the lease from March 31, 2022 to June 30, 2022 and replace the previously leased premises (known as 173 and 175-177 Jefferson Drive) with another nearby premises (known as 235 Constitution Drive). The lease commenced on July 15, 2021 and expires on June 30, 2022. In connection with these changes, the Company will incur monthly rent payments ranging from $87,286 to $89,904, increasing over the remaining term of the lease. Given the lease is short-term in nature, the Company is using the practical expedient for the lease and has not recorded a right of use asset or lease liability. Therefore, the Company will recognize rent expense on a straight-line basis over the lease term. On July 19, 2021, the Company entered into a Sublease (the Sublease Agreement) with RFS OPCO LLC (Sublessee), whereby the Company agreed to sublease to Sublessee all of the 9,501 rentable square feet of office space in Boston, MA, currently leased by the Company pursuant to the Company’s lease with 500 Boylston & 222 Berkeley Owner (DE) LLC, dated January 8, 2018, as amended (the Master Lease). The term of the sublease started on September 1, 2021 and ends on July 30, 2026. The aggregate base rent due to the Company under the Sublease is approximately $3.5 million starting October 1, 2021. Upon execution of the Sublease Agreement, the Company received a cash security deposit of $0.1 million from the Subleasee which is recorded as other non-current liabilities in the consolidated balance sheets. The expected sublease income as of September 30, 2021 is as follows (in thousands):
2021 (remaining three months) |  | $ | 174 |
2022 |  |  | 697 |
2023 |  |  | 711 |
2024 |  |  | 725 |
2025 |  |  | 740 |
2026 and thereafter |  |  | 439 |
Total |  | $ | 3,486 |
Further, the Company remains liable for the remaining lease payments under the Master Lease, totaling $3.1 million, which is included in future minimum lease payments table below. On July 30, 2021, the Company entered a short-term lease agreement with Boston Properties, Inc. for office space located at 200 Clarendon Street, Boston, MA. The initial lease term commenced on July 30, 2021 and expires on November 30, 2021. In October 2021, the Company extended the lease term to March 31, 2022. The base rent is approximately $9,000 per month. Due to the lease being short-term in nature, the Company elected the practical expedient for the lease and has recognized rent expenses as incurred. T he future minimum lease payments under all non-cancelable operating lease obligations as of September 30, 2021 were as follows (in thousands):
2021 |  | $ | 503 |
2022 |  |  | 2,933 |
2023 |  |  | 3,428 |
2024 |  |  | 3,525 |
2025 |  |  | 3,625 |
2026 and thereafter |  |  | 13,747 |
Total undiscounted lease payments |  |  | 27,761 |
Less: imputed interest |  |  | 7,226 |
Total operating lease liability |  |  | 20,535 |
Less: current portion |  |  | 712 |
Operating lease liability, net of current maturities |  | $ | 19,823 |

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