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LEASES (Tables)
 9 Months Ended
Sep. 30, 2023
LEASES [Abstract]  
Net Operating Lease Expense

For the three and nine months ended September 30, 2023 and 2022, the net operating lease expenses were as follows (in thousands):

   
Three months ended September 30,
    
Nine months ended September 30,
  
   
2023
    
2022
    
2023
    
2022
  
Operating lease expense
  
$
1,623
    
$
143
    
$
1,758
    
$
476
  
Sublease income
    
(21
)
    
(21
)
    
(63
)
    
(63
)
Variable lease expense
    
6
      
60
      
18
      
113
  
Total lease expense
  
$
1,608
    
$
182
    
$
1,713
    
$
526
  
Operating Lease Right-of-use Assets and Liabilities

The tables below show the beginning balances of the operating ROU assets and lease liabilities as of January 1, 2023 and the ending balances as of September 30, 2023, including the changes during the period (in thousands).


   
Operating Lease
ROU Assets
  
       
Operating lease ROU assets at January 1, 2023
  
$
1,030
  
Recognition of ROU asset for Somerville Sublease
    34,410  
Amortization of operating lease ROU assets
    
(580
)
Operating lease ROU assets at September 30, 2023
  
$
34,860
  


   
Operating Lease
Liabilities
  
Operating lease liabilities at January 1, 2023
  
$
1,182
  
Recognition of lease liability for Somerville Sublease
     34,169  
Accretion of interest for Somerville Sublease
     1,055  
Principal payments on operating lease liabilties
    
(259
)
Operating lease liabilities at September 30, 2023
    
36,147
  
Less non-current portion
    
34,998
  
Current portion at September 30, 2023
  
$
1,149
  
Maturities of Operating Lease Liabilities The maturities of the operating lease liabilities are as follows (in thousands):


   
As of
September 30, 2023
 
2023
 
$
932
  
2024
   
5,947
  
2025
   
6,065
  
2026
   
6,227
  
2027
   
6,298
  
Thereafter
    
40,224
  
Total payments  
65,693
  
Less imputed interest     (29,546 )
Total operating lease liabilities   $ 36,147