−Removed: New San Carlos Headquarters Lease
−Removed: On November 15, 2024, we entered into a sublease agreement, or the New Headquarters Lease, with a third party for Suite 100 in an existing building located at 825 Industrial Road, San Carlos, California, or the Building.
−Removed: Under the New Headquarters Lease, we will lease approximately 16,731 rentable square feet of space in the Building.
−Removed: The New Headquarters Lease is for a term of 24 months and commenced on December 12, 2024.
−Removed: The New Headquarters Lease includes two options to extend the term of the lease for 12 months each, exercisable under certain conditions and at a rate increased by 3% from the applicable monthly base rent as described in the New Headquarters Lease.
−Removed: Beginning on the commencement date, our monthly base rent under the New Headquarters Lease will be $0.1 million during the term.
−Removed: We are also responsible for paying operating expenses such as common area maintenance.
San Carlos Headquarters Lease
−Removed: On February 8, 2021, we entered into a lease agreement, or the Headquarters Lease, for laboratories and offices to be constructed in Suite 400 of the Building.
−Removed: Under the Headquarters Lease, we leased approximately 49,918 rentable square feet of space in the Building that served as the premises for our headquarters.
−Removed: The Headquarters Lease, which commenced in January 2022, had an initial term of 120 months and included an option to extend the term of the lease for 60 months, exercisable under certain conditions and at a market rate as described in the Headquarters Lease.
−Removed: Commencing 210 days after the rent commencement date as the result of a rent abatement, our monthly base rent under the Headquarters Lease was approximately $0.3 million, subject to an annual increase of 3%.
−Removed: We were also responsible for paying operating expenses such as common area maintenance.
−Removed: Minimum rental payments under the Headquarters Lease totaled $36.7 million for the entire term of the lease, which does not include rental payments related to our one-time option to extend for an additional five years.
−Removed: In addition, the lessor has provided a tenant improvement allowance of up to $8.2 million, of which, to date, we have received reimbursements associated with this tenant improvement allowance totaling $8.1 million.
−Removed: We do not expect to receive any additional reimbursements associated with this tenant improvement allowance.
−Removed: On November 15, 2024, the Company entered into an Agreement for Termination of Lease and Voluntary Surrender of Premises with the Landlord, or the Termination Agreement, in connection with the termination of that certain Lease Agreement, dated as of February 8, 2021, with the Landlord, or the Prior Headquarters Lease, of Suite 400 of the Building, or the Prior Premises.
−Removed: Pursuant to the Termination Agreement, the Company and the Landlord agreed to terminate the Prior Headquarters Lease effective as of the earlier of (i) the date the Company vacates and surrenders the Prior Premises in accordance with all the conditions and requirements set forth in the Prior Headquarters Lease;
−Removed: or (ii) 11:59 p.m.
−Removed: Pacific Time on December 31, 2024.
−Removed: In connection with the termination of the Prior Headquarters Lease, the Company agreed to surrender the Prior Premises and pay a lease modification payment to the Landlord upon mutual execution of the Termination Agreement.
−Removed: The Prior Headquarters Lease termination is related to continued efforts by the Company to identify cost reduction opportunities.
−Removed: Concurrently with the termination of the Prior Headquarters Lease and the effectiveness of the Termination Agreement, the Company intends to relocate its offices to the Premises, with significantly reduced square footage and ongoing operating costs.
+Added: On November 15, 2024, we entered into a sublease agreement, or the Headquarters Lease, with a third party for Suite 100 in an existing building located at 825 Industrial Road, San Carlos, California, or the Building.
+Added: Under the Headquarters Lease, we will lease approximately 16,731 rentable square feet of space in the Building.
+Added: The Headquarters Lease is for a term of 24 months and commenced on December 12, 2024.
+Added: The Headquarters Lease includes two options to extend the term of the lease for 12 months each, exercisable under certain conditions and at a rate increased by 3% from the applicable monthly base rent as described in the Headquarters Lease.
+Added: Beginning on the commencement date, our monthly base rent under the Headquarters Lease will be $0.1 million during the term.
+Added: We are also responsible for paying operating expenses such as common area maintenance.
Commercial Manufacturing Facility Agreement
12 unchanged sentences
Upon completion of tenant improvements of the premises, lease payments will be approximately $45,000 per month.
−Removed: Philadelphia Office Lease
+Added: On July 28, 2025, we entered into a third amendment, to extend the lease term through January 2028.
+Added: Lease payments are approximately $50,000 per month.
+Added: Former Philadelphia Office Lease
On May 2, 2019, we entered into an agreement to lease approximately 1,500 square feet of office space in Philadelphia, Pennsylvania until July 1, 2019, for a rate of $2,000 a month, and then approximately 4,500 square feet of office space for the remainder of a three-year term at an initial rate of $11,063 per month, subject to annual increases of 2.5%.
On September 1, 2021, we entered into an agreement to extend the lease term for an additional three years to July 31, 2025, for approximately $11,900 a month, effective as of June 1, 2022, subject to annual increases of 2.5%.
+Added: The lease agreement expired at the end of July 2025 and was not further extended.
American National Red Cross Lease
On February 1, 2022, we entered into an agreement to lease approximately 4,500 square feet of rentable area located in Pennsylvania, consisting of laboratories, clean room and office space, for a three-year term at a rate of approximately $17,000 a month subject to an annual increase of 2.5%.
+Added: We have since entered into various lease amendments to expand the rentable square feet of office space and lab space.
+Added: Most recently, in May 2025, we amended the lease agreement to extend the lease term to July 31, 2029, with the option to subsequently extend for an additional two years.
+Added: The lease payments are approximately $41,000, subject to annual increases of 3.75%.
Netherlands Office Lease
3 unchanged sentences
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.