What changed in this filing

/stocks — the workspaceLOADING

Item 2. Properties

2021-03-31 compared with 2020-03-16 · 22 added, 39 removed, 3 unchanged (95% of the section changed)

On October 3, 2014, we entered into

a 15-year lease for office space at 2 Gansevoort Street, New York, NY 10014, at an average annual rent of $2.7 million.

possession of this space, which serves as our principal executive offices, in December 2015, and took occupancy in April 2016.

On October 3, 2014, we entered into a 15-year lease for approximately 23,000 square feet of office space at 2 Gansevoort Street, New York, NY 10014, at an average annual rent of $2.7 million.

We took possession of this space, which serves as our principal executive offices, in December 2015, and took occupancy in April 2016.

Total rent expense, over the full term of the lease for this space will approximate $40.7 million.

In conjunction with the lease,

we entered into Desk Space Agreements with two related parties:

OPPM and TGTX, to occupy 10% and 45%, respectively, of the office

space that requires them to pay their share of the average annual rent of $0.3 million and $1.1 million, respectively.

net rent expense to us will approximate $16.0 million over the lease term.

These initial rent allocations will be adjusted periodically

for each party based upon actual percentage of the office space occupied.

Additionally, we have reserved the right to execute desk

space agreements with other third parties and those arrangements will also affect the cost of the lease actually borne by us.

In October 2015, we entered into a

5-year lease for approximately 6,100 square feet of office space in Waltham, MA at an average annual rent of approximately $0.2

In conjunction with the lease, we entered into Desk Space Agreements with two related parties:

Opus Point Partners Management, LLC (“OPPM”) and TGTX, to occupy 10% and 45%, respectively, of the office space that requires them to pay their share of the average annual rent of $0.3 million and $1.1 million, respectively.

The total net rent expense to us is approximate $16.0 million over the lease term.

These initial rent allocations will be adjusted periodically for each party based upon actual percentage of the office space occupied.

As of 2020, only TGTX continues in a Desk Space Agreement with us, as OPPM dissolved in 2019.

Additionally, we have reserved the right to execute desk space agreements with other third parties and those arrangements will also affect the cost of the lease actually borne by us.

In October 2015, we entered into a 5-year lease for approximately 6,100 square feet of office space in Waltham, MA at an average annual rent of approximately $0.2 million.

We took occupancy of this space in January 2016.

In June 2017, Journey extended its

lease for 2,295 square feet of office space in Scottsdale, AZ by one year, at an average annual rent of approximately $55,000.

In December 2020, we amended our lease and entered into a new two-year extension of the same office space in Waltham, MA at an average annual rent of $0.2 million.

The term of this amended lease commences on April 1, 2021 and will expire on March 31, 2023.

In June 2017, Journey extended its lease for 2,295 square feet of office space in Scottsdale, AZ by one year, at an average annual rent of approximately $55,000.

Journey originally took occupancy of this space in November 2014.

In August 2018, Journey amended their lease and entered

into a new two-year extension for 3,681 square feet of office space in the same location in Scottsdale, AZ at an annual rate of

approximately $94,000.

The term of this amended lease commenced on December 1, 2018 and will expire on November 30, 2020.

On October 27, 2017, Mustang entered

into a lease agreement with WCS - 377 Plantation Street, Inc., a Massachusetts nonprofit corporation.

Pursuant to the terms

of the lease agreement, we agreed to lease 27,043 square feet from the landlord, located at 377 Plantation Street in Worcester,

MA (the “Facility”), through November 2026, subject to additional extensions at the Company’s option.

rent, net of abatements of $0.6 million over the lease term, totals approximately $3.6 million, on a triple-net basis.

The terms of the lease also require that

we post an initial security deposit of $0.8 million, in the form of $0.5 million letter of credit and $0.3 million in cash, which

increased to $1.3 million ($1.0 million letter of credit, $0.3 million in cash) on November 1, 2019.

After the fifth lease

year, the letter of credit obligation is subject to reduction.

The Facility began operations for the production

of personalized CAR T and gene therapies in 2018.

Legal Proceedings

To our knowledge, no legal proceedings

are pending against us, other than routine actions and administrative proceedings, and other actions not deemed material are not

expected to have a material adverse effect on our financial condition, results of operations, or cash flows.

Mine Safety Disclosures

Not applicable.

In August 2018, Journey amended their lease and entered into a new two-year extension for 3,681 square feet of office space in the same location in Scottsdale, AZ at an annual rate of approximately $0.1 million.

The term of this amended lease commenced on December 1, 2018 and expired on November 30, 2020.

In August 2020, Journey amended their lease and entered into a new 25-month extension of the same office space in Scottsdale, AZ at an average annual rent of $0.1 million.

The term of this amended lease commenced on December 1, 2020 and will expire on December 31, 2022.

On October 27, 2017, Mustang entered into a lease agreement with WCS - 377 Plantation Street, Inc., a Massachusetts nonprofit corporation.

Pursuant to the terms of the lease agreement, we agreed to lease 27,043 square feet from the landlord, located at 377 Plantation Street in Worcester, MA (the “Facility”), through November 2026, subject to additional extensions at the Company’s option.

Base rent, net of abatements of $0.6 million over the lease term, totals approximately $3.6 million, on a triple-net basis.

The terms of the lease also require that we post an initial security deposit of $0.8 million, in the form of $0.5 million letter of credit and $0.3 million in cash, which increased to $1.3 million ($1.0 million letter of credit, $0.3 million in cash) on November 1, 2019.

After the fifth lease year, the letter of credit obligation is subject to reduction.

The Facility began operations for the production of personalized CAR T and gene therapies in 2018.

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.

What changed 10-K

Item 2. Properties