XML 46 R18.htm IDEA: XBRL DOCUMENT
v3.20.4

Leases | 12 Months Ended
--- | ---
Dec. 31, 2020
Leases [Abstract] |
Leases | 11. Leases In August 2007, the Company entered into an operating lease, as amended, for approximately 22,343 square feet of office and laboratory space in Watertown, Massachusetts. In November 2017, the Company amended its lease (“2017 Amendment”) and extended the lease term through April 2023. Initial base rent under the 2017 Amendment was approximately $1.0 million per year. The 2017 Amendment includes annual rent escalations over the term of the operating lease. The Company maintains a letter of credit of approximately $0.3 million securing its obligations under the operating lease which is secured by approximately $0.3 million of certificate of deposits, which are included as restricted cash in the consolidated balance sheets. Rent expense is recognized on a straight-line basis over the terms of occupancy. In addition to the lease discussed above, the Company is party to an April 2020 lease for office equipment that expires in June 2024. The equipment lease is accounted for as an operating lease. The components of lease cost recorded in the Company’s consolidated financial statements were as follows (in thousands):
|  | Year Ended December 31, |
|  | 2020 |  |  | 2019 |
Lease Cost: |  |  |  |  |  |  |  |
Operating lease cost |  | $ | 1,055 |  |  | $ | 1,053 |
Variable lease cost |  |  | 726 |  |  |  | 727 |
Sublease income |  |  | — |  |  |  | (368 | )
Total lease cost, net |  | $ | 1,781 |  |  | $ | 1,412 |
Variable lease payments include the Company’s allocated share of costs incurred and expenditures made by the landlord in the operation and management of the building. The Company’s sublease income during the year ended December 31, 2019 related to subleases for a portion of the Company’s office and lab space. The weighted-average remaining lease term and discount rate related to the Company’s operating leases were as follows:
|  | As of December 31, 2020 |
Weighted-average remaining lease term (in years) |  |  | 2.3 |
Weighted-average discount rate |  |  | 5.5 | %
Maturity of the Company’s operating lease liabilities in accordance with ASC 842 as of December 31, 2020 were as follows (in thousands):
Year ending December 31, |  |  |  |
2021 |  | $ | 1,095 |
2022 |  |  | 1,127 |
2023 |  |  | 382 |
2024 |  |  | 2 |
Total maturities |  |  | 2,606 |
Less: Amount representing interest |  |  | (167 | )
Present value of operating lease liability |  |  | 2,439 |
Less: Current portion of operating lease liability |  |  | (985 | )
Total operating lease liability, net of current portion |  | $ | 1,454 |

X
- References No definition available. + Details
Name: | us-gaap_LeasesAbstract
Namespace Prefix: | us-gaap_
Data Type: | xbrli:stringItemType
Balance Type: | na
Period Type: | duration

X
- Definition The entire disclosure for operating leases of lessee. Includes, but is not limited to, description of operating lease and maturity analysis of operating lease liability. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 842 -SubTopic 20 -URI http://asc.fasb.org/subtopic&trid=77888251 + Details
Name: | us-gaap_LesseeOperatingLeasesTextBlock
Namespace Prefix: | us-gaap_
Data Type: | nonnum:textBlockItemType
Balance Type: | na
Period Type: | duration