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On February 8, 2021, we entered into a lease agreement with ARE-San Francisco No.
−Removed: 63, LLC, or the New Headquarters Lease, for laboratories and offices to be constructed in Suite 400 of an existing building located at 825 Industrial Road, San Carlos, California, or the Building, commonly known as The District.
−Removed: Under the New Headquarters Lease, we will lease approximately 49,918 rentable square feet of space in the Building, or the Headquarters Premises.
−Removed: The New Headquarters Lease is for a term of 120 months, commencing upon the first day of the first full month, or the Rent Commencement Date after the earlier to occur of (i) the date that is 12 months and one day after the execution date of the New Headquarters Lease, or the Commencement Date, which is February 9, 2022, or (ii) the date that the Tenant Improvements are substantially completed, which was completed in January 2022;
−Removed: provided, however, that the Rent Commencement Date shall be delayed one day for each day after the Commencement Date that (a) to the extent that, after the Commencement Date, any governmental authority having jurisdiction, as a result of the COVID-19 outbreak in the United States, declares or implements any order or mandate that restricts construction activities in San Mateo County, California (any such order or mandate, a Government Mandate), to the extent that such Government Mandate precludes the construction of tenant improvements, or (b) a landlord delay occurs.
+Added: 63, LLC, or the New Headquarters Lease, for laboratories and offices to be constructed in Suite 400 of an existing building located at 825 Industrial Road, San Carlos, California, or the Building.
+Added: Under the New Headquarters Lease, we lease approximately 49,918 rentable square feet of space in the Building that serves as our headquarters premises.
+Added: The New Headquarters Lease, which commenced in January 2022, has an initial term of 120 months.
The New Headquarters Lease includes 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 New Headquarters Lease.
−Removed: Commencing 210 days after the Rent Commencement Date as the result of a rent abatement, our monthly base rent under the New Headquarters Lease will be approximately $0.3 million, subject to an annual increase of 3%.
−Removed: Beginning in 2022, we will also be responsible for paying operating expenses.
−Removed: The 120-month term of the New Headquarters Lease commenced in January 2022.
+Added: Commencing 210 days after the Rent Commencement Date as the result of a rent abatement, our monthly base rent under the New Headquarters Lease is approximately $0.3 million, subject to an annual increase of 3%.
+Added: Beginning in 2022, we are also responsible for paying operating expenses, such as common area maintenance.
Minimum rental payments under the New Headquarters Lease total $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 for a tenant improvement allowance of up to $8.2 million, which is expected to be fully utilized.
+Added: In addition, the lessor has provided a
+Added: tenant improvement allowance of up to $8.2 million.
+Added: We have received reimbursements associated with this tenant improvement allowance totaling $8.1 million.
+Added: We do not expect to receive any additional reimbursements associated with this tenant improvement allowance.
San Carlos Former Headquarters Lease
−Removed: Since August 2016, we have leased 8,733 square feet of space for its corporate headquarters, or the Suite 150 Lease, in San Carlos, California.
+Added: Since August 2016, we had leased 8,733 square feet of space for our former corporate headquarters, or the Suite 150 Lease, in San Carlos, California.
The term of the Suite 150 Lease was 54 months beginning on the commencement date.
Monthly lease payments were approximately $38,000.
−Removed: On October 19, 2018, we entered into an agreement, or the Lease, to lease 12,322 square feet of office space located adjacent to our corporate headquarters in San Carlos, California.
+Added: On October 19, 2018, we entered into an agreement, or the Lease, to lease 12,322 square feet of office space located adjacent to our former corporate headquarters in San Carlos, California.
Monthly lease payments were approximately $59,000, subject to an annual increase of 3%.
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Under the Suite 100 and Suite 125 Second Amendment, we extended the Amended Lease to December 31, 2021.
−Removed: Our monthly base rent under the Suite 100 and Suite 125 Second Amendment will be approximately $103,000.
−Removed: We are also responsible for paying its portion of operating expenses and real estate taxes.
−Removed: We have an option to extend the expiration of the Suite 100 and Suite 125 Second Amendment for one month or nine months, at its discretion, by providing notice as specified in the Suite 100 and Suite 125 Second Amendment.
+Added: Our monthly base rent under the Suite 100 and Suite 125 Second Amendment were approximately $103,000.
+Added: We were also responsible for paying our portion of operating expenses, including common area maintenance, and real estate taxes.
+Added: We had an option to extend the expiration of the Suite 100 and Suite 125 Second Amendment for one month or nine months, at its discretion, by providing notice as specified in the Suite 100 and Suite 125 Second Amendment.
On September 1, 2021, we entered into an agreement to extend the lease term to January 31, 2022, for approximately $0.1 million a month.
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Our monthly base rent under the Suite 150 First Amendment is approximately $44,000.
−Removed: We are also responsible for paying our portion of operating expenses and real estate taxes.
−Removed: We have an option to extend the expiration of the Suite 150 First Amendment for one month or nine months, at our discretion, by providing notice as specified in the Suite 150 First Amendment.
+Added: We were also responsible for paying our portion of operating expenses and real estate taxes.
+Added: We had an option to extend the expiration of the Suite 150 First Amendment for one month or nine months, at our discretion, by providing notice as specified in the Suite 150 First Amendment.
On September 1, 2021, we entered into an agreement to extend the lease term to January 31, 2022, for approximately $46,000 a month.
−Removed: As of January 31, 2022, these leases had expired and we had taken possession of Headquarters Premises under the New Headquarters Lease referred to above.
+Added: As of January 31, 2022, these leases have expired, and we had taken possession of Headquarters Premises under the New Headquarters Lease referred to above.
Commercial Manufacturing Facility Agreement
On May 28, 2019, we entered into a lease agreement with 300 Rouse Boulevard, LLC, or the Commercial Manufacturing Facility Lease, for a build-to-suit commercial manufacturing facility, laboratories, and offices located in Philadelphia, Pennsylvania.
−Removed: Under the Commercial Manufacturing Facility Lease, we lease approximately 136,000 rentable square feet of space in a building located at 300 Rouse Boulevard, Philadelphia, Pennsylvania known as the Iovance Cell Therapy Center, or i CTC.
−Removed: The construction of the i CTC began in July 2019 and in the third quarter of 2021 we completed the commissioning activities as well as certain tenant improvements, therefore approximately $62.4 million of assets were placed in service.
+Added: Under the Commercial Manufacturing Facility Lease, we lease approximately 136,000 rentable square feet of space in a building located at 300 Rouse Boulevard, Philadelphia, Pennsylvania known as the Iovance Cell Therapy Center, or the i CTC.
+Added: The construction of the i CTC began in July 2019 and in the third quarter of 2021 we completed the commissioning activities as well as certain tenant improvements.
The Commercial Manufacturing Facility Lease includes an option to extend the term of the lease by giving the landlord prior written notice thereof at least 18 months in advance of expiration date, exercisable under certain conditions as described in the Commercial Manufacturing Facility Lease, such that the overall term, when added to the initial term, shall be 359 months.
−Removed: Our monthly base rent under the Commercial Manufacturing Facility Lease is approximately $0.3 million, subject to an annual increase of 2% for the first ten years, and an annual increase of the greater of 2% or 75% of the average ten-year consumer price index.
−Removed: We will also be responsible for paying operating expenses.
+Added: Our monthly base rent under the Commercial Manufacturing Facility Lease is approximately $0.3 million, subject to an annual increase of 2% for the first ten years.
+Added: Commencing on the first day of each lease year thereafter, for the remainder of the lease term, monthly rent is subject to an annual increase of the greater of 2% or 75% of the average ten-year consumer price index.
+Added: We are also responsible for paying operating expenses, such as common area maintenance.
Our research and development facilities consist of 8,673 square feet in a facility located at the University of South Florida Research Park in Tampa, Florida.
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On December 22, 2021, we entered into a second amendment to lease an additional 2,731 square feet of space through June 5, 2025, co-terminus with the existing leased space.
−Removed: Monthly lease payments will be approximately $42,500 per month.
+Added: Upon completion of tenant improvements of the premise, lease payments will be approximately $42,500 per month.
Philadelphia Office Lease
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On August 1, 2020, we entered into an agreement to lease approximately 2,965 square feet of a training facility space in Plymouth Meeting, Pennsylvania for a twelve-month term at a rate of approximately $6,500 per month.
−Removed: This lease was terminated in August 2021, which did not have an effect on any of our employees, who continue to be employed by us.
−Removed: New York Lease
−Removed: We leased office space in New York, New York beginning in January 2017, such office space having a monthly rental of approximately $4,000 during 2019 and 2020.
−Removed: On January 31, 2021, the lease terminated, and we closed our New York office, which did not have an effect on any of our employees, who continue to be employed by us.
We believe that our existing facilities are adequate to meet our current needs, and that suitable additional alternative spaces will be available in the future on commercially reasonable terms.
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.