|12 Months Ended|
Sep. 30, 2022
In October 2020, the Company entered into a ten-year operating lease agreement with annual escalating rental payments for approximately 14,189 square feet of office and laboratory space in Pittsburgh, PA. The leased premises serves as the Company’s headquarters. The first and second amendments to the lease agreement were executed in December 2020 and April 2021, respectively (collectively with the lease agreement, referred to herein as the “Lease”). In November 2020, the Company prepaid rent of $0.3 million and paid a security deposit of $0.3 million for the Lease. The Lease commenced on May 1, 2021, and the Company was obligated to begin making rental payments on this date. The Company applied the prepaid amount toward the rental payments through December 2021. The Company measured and recognized an initial ROU asset and operating lease liability upon lease commencement. The Company has the right to extend the term of the Lease for an additional five-year term; however, this extension has not been included in the calculation of the lease liability and ROU asset at the lease inception as the exercise of the option was not reasonably certain.
The Company continued to operate under its operating lease in Pittsburgh until the Company moved into its new headquarters and laboratory space, which occurred in June 2021. The Company’s prior office and operating space was leased under operating leases with original terms of less than 12 months, which expired at various dates through November 2021; therefore, the Company’s previous operating leases were not recognized as ROU assets on the consolidated balance sheets. The Company also maintained a short-term rental of office space in San Diego, CA and New York, NY, which expired in November 2021. In October 2021, the Company commenced a one-year lease for the rental of office space in Boston, MA, which was subsequently extended through April 2023.
In August 2021, the Company entered into a two-year finance lease for certain laboratory equipment. The Company measured and recognized an initial ROU asset and finance lease liability upon lease commencement.
In February 2022, the Company entered into an eighteen-month lease agreement for private and shared laboratory facilities for general laboratory and office space in Boston, MA. The Company measured and recognized the ROU asset and operating lease liability upon the lease commencement.
At September 30, 2022, ROU assets and lease liabilities were as follows:
The following tables summarize quantitative information about the Company’s leases for the years ended September 30, 2022 and 2021:
The components of lease expense were as follows:
As of September 30, 2022, future minimum lease payments under the non-cancelable leases were as follows:
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