Office, Lab and Manufacturing Space Leases
−Removed: In December 2020, we entered
−Removed: into an agreement to lease approximately 2,823 square feet of office space and 1,807 square feet of laboratory space located at 11555
−Removed: Sorrento Valley Road, Suite 203, San Diego, California 92121 and 11575 Sorrento Valley Road, Suite 200, San Diego, California 92121, respectively.
+Added: In December 2020, we entered into
+Added: an agreement to lease approximately 2,823 square feet of office space and 1,807 square feet of laboratory space located at 11555 Sorrento
+Added: Valley Road, Suite 203, San Diego, California 92121 and 11575 Sorrento Valley Road, Suite 200, San Diego, California 92121, respectively.
The agreement carries a term of 63 months and we took possession of the office space effective October 1, 2021.
8 unchanged sentences
The current monthly base rent under the manufacturing component of the lease is $13,195.
−Removed: The office, lab and manufacturing
−Removed: leases are coterminous with a remaining term of 24 months.
−Removed: The weighted average discount rate is 4.25%.
−Removed: As of March 31, 2025, we have
−Removed: a right-of-use lease asset of $601,846.
−Removed: The following table presents
−Removed: a maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next two fiscal years.
−Removed: our leases conterminously expire during the fiscal year ending March 31, 2027.
+Added: The office, laboratory
+Added: and manufacturing leases are coterminous and expire on March 31, 2027.
+Added: We do not currently intend to renew the corporate office lease
+Added: upon expiration.
+Added: We have not yet made a determination regarding renewal of the laboratory and manufacturing leases, as any decision and
+Added: the length of any potential renewal term will depend on the Company’s future operating requirements.
+Added: As of the date of this report, we
+Added: have not committed to any lease renewals.
+Added: As of March 31, 2026, we
+Added: have a right-of-use lease asset of $307,820.
+Added: The following table presents a
+Added: maturity analysis of expected undiscounted cash flows for operating leases on an annual basis for the next fiscal year.
+Added: All of our leases
+Added: conterminously expire during the fiscal year ending March 31, 2027.
Fiscal Year Ended March 31,
3 unchanged sentences
Compared sentence by sentence after normalising whitespace, quotation marks, case and digits, so re-formatting and restated figures do not read as changed language. Wording changes appear as one removal and one addition. The current filing and the prior one are authoritative.