|9 Months Ended|
Sep. 30, 2022
Company Headquarters (Waltham, MA)
In April 2021, the Company entered a sublease agreement for office and storage space for its corporate headquarters located at 500 Totten Pond Road in Waltham, MA. The sublease has an initial term of 42 months beginning on May 1, 2021 and expiring on October 31, 2024. The Company is required to maintain a minimum cash balance of $0.7 million as a security deposit on the space which is classified as restricted cash, current and restricted cash, non-current on the condensed consolidated balance sheets. The Company pays for its proportionate share of building operating expenses and taxes that are treated as variable costs and excluded from the measurement of the lease. The sublease grants the Company an option to extend the term for an additional three years at the then fair market rent by giving the landlord nine months’ written notice. The Company was not reasonably certain to exercise the option to extend the lease and therefore the extension term was excluded from the measurement of the lease.
The Company additionally leases three storage spaces on a month-to-month basis that are classified as short-term leases.
Operating lease cost recognized during the three and nine months ended September 30, 2022 was $0.3 million and $0.7 million, respectively. Cash paid for amounts included in the measurement of lease liabilities for the nine months ended September 30, 2022 was $0.8 million.
The weighted-average remaining lease term and discount rate as of September 30, 2022 were as follows:
Future annual lease payments under non-cancelable operating leases as of September 30, 2022 were as follows (in thousands):
Rent expense recognized in accordance with ASC 840 for the three and nine months ended September 30, 2021 was approximately $0.3 million and $0.7 million, respectively.
Future annual lease payments under non-cancelable operating leases as of December 31, 2021 under ASC 840 were as follows (in thousands):
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.
Reference 1: http://www.xbrl.org/2003/role/disclosureRef