Item 2. Properties
ITEM
2. PROPERTIES.
We do not own any real property. We have leased offices at 100 Park
Avenue, New York, NY 10017, which serves as our corporate headquarters, effective June 1, 2022. The lease has a term of 5 years 2 months,
with an expiration date in 2027, and a current annual rate of $636 thousand. We are also responsible for certain other costs, such as
insurance, taxes, utilities and maintenance. We issued a letter of credit in connection with the lease and as of December 31, 2025, maintain
a $335 thousand certified deposit as collateral for the letter of credit.
We lease lab space and office space at Albert Einstein College of Medicine,
1300 Morris Park Avenue, Bronx, NY 10461. The lease has a term of twelve months, expiring August 31, 2026, with a current annual rate
of $149 thousand. We have leased manufacturing space at the same site, effective December 1, 2025. The lease has a term of five years
and one month, expiring December 31, 2030, with a current annual rate of $171 thousand.
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