Item 2. Properties
ITEM 2. PROPERTIES
We currently lease approximately
2,600 square feet of executive office space at 9635 Granite Ridge Drive, Suite 100, San Diego , California 92123 under a 39-month
gross plus utilities lease that commenced on December 1, 2014 and expires on August 31, 2021. The current rental rate under the lease
extension is $8,265 per month.
We also rent approximately
1,700 square feet of laboratory space at 11585 Sorrento Valley Road, Suite 109, San Diego, California 92121 at the rate of $6,148 per
month on a one-year lease that originally was to expire on November 30, 2020. In December 2020, we entered into a short-term lease extension
running from December 1, 2020 through the completion date of our construction of our planned new laboratory space which is adjacent to
our current laboratory.
In December 2020, we entered into an agreement
to lease approximately 2,823 square feet of office space and 1,807 square feet of laboratory space. The agreement carries a term of 63
months and we will commence paying rent when we take occupancy of those spaces, which is expected to occur in the third calendar quarter
of 2021. For the initial year of the lease, the rental rate will be $13,385.55 per month. Thereafter, the base rent will increase each
year.
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