Item 2. Properties
Item 2. Properties.
We have a lease agreement for approximately 23,700 square feet of office space in Friendswood, Texas that will be used as our corporate headquarters. This lease commenced on December 1, 2020 and has a 60-month term, with an option to renew for one additional five-year period. Additionally, we lease approximately 7,100 square feet of other office space in Friendswood, Texas under an agreement that is on a month-to-month basis. We also lease approximately 27,100 square feet of laboratory and office space in Phoenix, Arizona under two agreements, one of which expires on July 31, 2027 and the other expires on March 31, 2028. Each of these leases provide us with two optional renewal periods of five years each. We believe our existing facilities will be sufficient for our needs for the foreseeable future.
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