7. Commitments and Contingencies Operating Leases In March 2018, the Company entered into a non-cancelable agreement to lease 2,605 square feet of office space in Boston, Massachusetts. The lease term for this office space began in June 2018 and ended in April 2020. Additionally, in July 2018, the Company entered into an agreement to lease 3,560 square feet of laboratory space in Boston, Massachusetts. The original lease term for this laboratory space began in July 2018 and ended in August 2020. The lease term was extended through December 2020 to facilitate the transition to the Companys new laboratory space as described below. The Company provided security deposits to the landlords totaling $34 thousand, which is included in prepaid expenses and other current assets in the accompanying balance sheet as of September 30, 2020 and December 31, 2019. In December 2019, the Company entered into a non-cancelable agreement to lease 8,499 square feet of office space in Boston, Massachusetts. The lease term for this office space began in July 2020 and is expected to end in the second half of 2025. The Company has the option to extend the term of this lease for a term of five years. The Company provided a security deposit to the landlord in the form of a letter of credit totaling $130 thousand. The cash collateralizing the letter of credit is included in restricted cash in the accompanying balance sheets as of September 30, 2020 and December 31, 2019. As part of the lease, the Company received tenant allowances related to construction of the leased space. These allowances are used to offset the overall cost of the lease and are treated as a reduction in rent expense over the lease term. In May 2020, the Company entered into a non-cancelable agreement to lease 6,244 square feet of laboratory space in Boston, Massachusetts. The lease term for the laboratory space began in October 2020 following the substantial completion of construction work and ends in late 2025. As part of the lease, the Company received tenant allowances related to construction of the leased space. These allowances are used to offset the overall cost of the lease and are treated as a reduction in rent expense over the lease term. Total future minimum commitments under non-cancellable leases as of September 30, 2020 are as follows (dollar amounts in thousands): Year Ending December 31, 2020 (remaining 3 months) $ 190 2021 947 2022 970 2023 994 2024 1,018 Thereafter 941 $ 5,060 Rent expense recognized on a straight-line basis over the terms of the leases for the three months ended September 30, 2020 and 2019 was $180 thousand and $110 thousand, respectively. Rent expense recognized on a straight-line basis over the terms of the leases for the nine months ended September 30, 2020 and 2019 was $436 thousand and $312 thousand, respectively. Indemnification Agreements In the ordinary course of business, the Company may provide indemnification of varying scope and terms to vendors, lessors, business partners and other parties with respect to certain matters arising out of the relationship between such parties and the Company. In addition, the Company has entered into indemnification agreements with members of its board of directors and senior management that will require the Company, among other things, to indemnify them against certain liabilities that may arise by reason of their status or service as directors or officers. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is, in many cases, unlimited. To date, the Company has not incurred any material costs as a result of such indemnifications. The Company is not aware of any claims under indemnification arrangements, and it has not accrued any liabilities related to such obligations as of September 30, 2020 or December 31, 2019. Legal Proceedings The Company is not currently a party to any material legal proceedings. At each reporting date, the Company evaluates whether or not a potential loss amount or a potential range of loss is probable and reasonably estimable under the provisions of the authoritative guidance that addresses accounting for contingencies. The Company expenses the costs related to its legal proceedings as they are incurred. No such costs have been incurred during the three or nine months ended September 30, 2020 and 2019.