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Our lease (“RWC Lease”) with Metropolitan Life Insurance Company (“MetLife”) includes approximately 28,200 square feet of space located at 200 and 220 Penobscot Drive, Redwood City, California (the “200/220 Penobscot Space”), approximately 37,900 square feet of space located at 400 Penobscot Drive, Redwood City, California (the “400 Penobscot Space”) (the 200/220 Penobscot Space and the 400 Penobscot Space are collectively referred to as the “Penobscot Space”), and approximately 11,200 square feet of space located at 501 Chesapeake Drive, Redwood City, California (the “Chesapeake Space”).
−Removed: Until the end of January 2020, we also leased approximately 29,900 square feet of space located at 101 Saginaw Drive, Redwood City, California (the “Saginaw Space”).
−Removed: During January 2020, we subleased approximately 26,500 square feet of the Saginaw Space to Minerva Surgical, Inc.
−Removed: Both the lease and sublease for the Saginaw Space expired at the end of January 2020.
−Removed: From February through April 2020, we subleased approximately 3,400 square feet 101 Saginaw Drive from Minerva Surgical, Inc.
−Removed: The sublease expired at the end of April 2020.
We entered into the initial lease with MetLife for our facilities in Redwood City in 2004 and the RWC lease has been amended multiple times since then to adjust the leased space and terms of the RWC Lease.
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We have one (1) option to extend the term of the lease for the Penobscot Space for five (5) years, and one (1) separate option to extend the term of the lease for the 501 Chesapeake Space for five (5) years.
−Removed: In the first quarter of 2021, we entered into lease agreement with ARE-San Francisco No.
−Removed: 63, LLC (“ARE”) to lease a portion of a facility comprising approximately 36,593 rentable square feet in San Carlos, California to serve as additional office and research and development laboratory space (the “San Carlos Space”).
−Removed: We expect to commence occupancy of the San Carlos Space in November 2021 once tenant improvements are substantially completed by ARE in accordance with the construction plan.
−Removed: We believe that the facilities that we currently lease in Redwood City, California and the San Carlos, California facility we plan to lease are adequate for our needs for the immediate future and that, should it be needed, additional space can be leased to accommodate any future growth.
+Added: In January 2021, we entered into a lease agreement with ARE-San Francisco No.
+Added: 63, LLC (“ARE”) to lease a portion of a facility comprising approximately 36,593 rentable square feet at 825 Industrial Road, San Carlos, California to serve as additional office and research and development laboratory space (the “San Carlos Space”).
+Added: In December 2021, we commenced occupancy of the San Carlos Space.
+Added: The lease term for the San Carlos Space is through the end of November 2031.
+Added: We have one (1) option to extend the term of the lease for the San Carlos Space for five (5) years.
+Added: In May 2021, we entered into a short-term office lease with The Inside Source, Inc., to sublease approximately 3,313 square feet of office space in a building located at 985 Industrial Blvd..
+Added: San Carlos, California.
+Added: This lease will expire in April 2022.
+Added: We believe that the facilities that we currently lease in Redwood City and San Carlos, California are adequate for our needs for the immediate future and that, should it be needed, additional space can be leased to accommodate any future growth.
LEGAL PROCEEDINGS
−Removed: We are not currently a party to any material pending litigation or other material legal proceedings.
+Added: We are currently not a party to any material pending litigation or other material legal proceedings.
MINE SAFETY DISCLOSURES
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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.