Item 2. Properties
Item 2
Properties
The locations and uses of our material properties are as follows:
Location of Facility
Lease expiry date
Extension options
11600-11628 96th Avenue North, Maple Grove, MN 55369 ("610 Maple Grove") (1)
April 30, 2030
1 period of two years
26 Harris Road, Malaga WA 6090, Australia
July 31, 2026
-
(1) Predominantly used for R&D, manufacturing of the DurAVR ® valve and regulatory compliance teams. On April 30, 2025, we cancelled our sublease of the building without incurring a termination fee and entered into a new 5-year lease agreement directly with the landlord. As a result, we recognized a right-of-use (“ROU”) asset and a corresponding lease liability of $1.6 million on the lease commencement date. This change provides longer-term access to the premises.
All properties are leased or subleased. Our properties are well maintained, are in good operating condition, and are suitable for current requirements. We do not anticipate difficulty in renewing existing leases as they expire or in finding alternative facilities.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.