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Commitments and Contingences | 3 Months Ended
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Mar. 31, 2023
Commitments and Contingencies Disclosure [Abstract] |
Commitments and Contingences | 10. Commitments and Contingencies Operating Leases The Company leases office and laboratory space in Redwood City, California, and Boston, Massachusetts. Redwood City In 2018, Adicet Therapeutics executed a non-cancelable lease agreement, as amended in 2022, pursuant to which the Company leases office and laboratory facility at 1000 Bridge Parkway and a portion of 1200 Bridge Parkway in Redwood City, California (the Redwood City Lease). On January 9, 2023, Adicet Therapeutics entered into a third lease amendment with Westport Office Park, LLC (the Third Amendment). The Third Amendment further amends the Redwood City Lease and increases the tenant improvement allowance as of January 1, 2023 by an additional $3.0 million. The Company expects to utilize the full allowance for the continued buildout of office and laboratory space at 1000 Bridge Parkway. Per the terms of this amendment, this additional allowance will be repaid through equal monthly payments of principal amortization and interest on a monthly basis over the term of the lease at an interest rate of eight percent (8%) per annum. The Company received the allowance on February 21, 2023. Boston In 2018, the Company entered into a lease agreement, as amended in 2019, for office space at 500 Boylston St, Boston, Massachusetts (500 Boylston Lease). Under the terms of the 500 Boylston Lease, the Company was permitted to assign, sublease or transfer this lease, with the consent of the landlord. On July 19, 2021, the Company entered into a sublease agreement with RFS OPCO LLC (Sublessee), whereby the Company agreed to sublease to Sublessee all of the 9,501 rentable square feet of 500 Boylston St. Th e expected undiscounted cash flows to be received from the sublease as of March 31, 2023 is as follows (in thousands):
|  | March 31, 2023 |
2023 |  | $ | 531 |
2024 |  |  | 722 |
2025 |  |  | 736 |
2026 |  |  | 438 |
2027 and thereafter |  |  | — |
Total |  | $ | 2,427 |
Further, the Company remains liable for the remaining lease payments under the Master Lease, totaling $2.2 million, which is included in future minimum lease payments table below. The future minimum lease payments under all non-cancelable operating lease obligations as of March 31, 2023 were as follows (in thousands):
|  | March 31, 2023 |
2023 |  | $ | 3,597 |
2024 |  |  | 5,005 |
2025 |  |  | 4,650 |
2026 |  |  | 3,999 |
2027 and thereafter |  |  | 12,059 |
Total undiscounted lease payments |  |  | 29,310 |
Less: imputed interest |  |  | (5,813 | )
Total operating lease liability |  |  | 23,497 |
Less: current portion |  |  | 2,949 |
Operating lease liability, net of current maturities |  | $ | 20,548 |
The following table presents the operating lease cost and information related to the operating lease right-of-use assets, net and operating lease liabilities for the quarter ended March 31, 2023 (in thousands):
|  | March 31, |
|  | 2023 |
Lease Cost |  |  |
Operating lease cost |  | $ | 1,141 |
Short-term lease cost |  |  | 48 |
Sublease income |  |  | (179 | )
Total lease cost |  | $ | 1,010 |
Other Information |  |  |
Operating cash flows used for lease liabilities |  |  | 2,474 |
Weighted-average remaining lease term - operating leases |  |  | 6.3 |
Weighted-average discount rate - operating leases |  |  | 7 | %

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