Item 2. Properties
Item 2. Properties
Our principal executive office is located at 10421 Pacific Center Court in San Diego, California, and consists of approximately 25,000 square feet of leased office and laboratory space under a lease which will expire on August 31, 2021. We use these facilities for our administrative, research and development and other activities.
In May 2018, we entered into a three-year sublease agreement with Trex Enterprises Corporation, a California corporation, for an additional 18,000 square feet of office space in the building at 10455 Pacific Center Court in San Diego, California (the “10455 Building”). The terms of the original sublease with Trex provided for a November 12, 2021 lease expiration. On November 11, 2020, we entered into a termination agreement of the sublease with Trex (the “Sublease Termination”). Under the Sublease Termination, we agreed to early terminate the sublease agreement for the 10455 Building on December 15, 2020.
On May 4, 2020, we entered into a lease agreement (the “Lease Agreement”) with Wateridge Property Owner, LP, with respect to facilities in the building at 10770 Wateridge Circle, San Diego, California 92121 (the “10770 Wateridge Circle Building”). Under the Lease Agreement, we agreed to lease approximately 45,000 square feet of space in the 10770 Wateridge Circle Building for a term of 124 months, beginning on April 1, 2021 (or on such later date as described in the Lease Agreement).
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