−Removed: San Carlos New Headquarters Lease
−Removed: 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.
−Removed: 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: San Carlos Headquarters Lease
+Added: On February 8, 2021, we entered into a lease agreement, 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 currently serves as the premises for our headquarters.
The New Headquarters Lease, which commenced in January 2022, has an initial term of 120 months.
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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%.
−Removed: Beginning in 2022, we are also responsible for paying operating expenses, such as common area maintenance.
+Added: 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 a
−Removed: tenant improvement allowance of up to $8.2 million.
−Removed: We have received reimbursements associated with this tenant improvement allowance totaling $8.1 million.
+Added: 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.
We do not expect to receive any additional reimbursements associated with this tenant improvement allowance.
−Removed: San Carlos Former Headquarters Lease
−Removed: 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.
−Removed: The term of the Suite 150 Lease was 54 months beginning on the commencement date.
−Removed: 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 former corporate headquarters in San Carlos, California.
−Removed: Monthly lease payments were approximately $59,000, subject to an annual increase of 3%.
−Removed: On June 19, 2019, we entered into a first amendment, or the Amended Lease, to the Lease, for additional space at our corporate headquarters in San Carlos, California.
−Removed: Under the Amended Lease, we leased an additional 8,110 square feet, or the Expansion Space, for a total of approximately 20,432 square feet of space.
−Removed: Monthly lease payments were approximately $39,000 for the first year, and $40,000 for the second year.
−Removed: On February 8, 2021, we entered into two amendments, the Suite 100 and 125 Second Amendment and the Suite 150 First Amendment, to the Amended Lease and the Suite 150 Lease, respectively.
−Removed: 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 were approximately $103,000.
−Removed: We were also responsible for paying our portion of operating expenses, including common area maintenance, and real estate taxes.
−Removed: 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.
−Removed: 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.
−Removed: Under the Suite 150 First Amendment, we extended the Suite 150 Lease, which also expired on April 30, 2021, to December 31, 2021.
−Removed: Our monthly base rent under the Suite 150 First Amendment is approximately $44,000.
−Removed: We were also responsible for paying our portion of operating expenses and real estate taxes.
−Removed: 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.
−Removed: 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 have expired, and we had taken possession of Headquarters Premises under the New Headquarters Lease referred to above.
Commercial Manufacturing Facility Agreement
−Removed: 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.
+Added: On May 28, 2019, we entered into a lease agreement, or the Commercial Manufacturing Facility Lease, for a build-to-suit commercial manufacturing facility, laboratories, and offices located in Philadelphia, Pennsylvania.
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.
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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.
+Added: Netherlands Office Lease
+Added: On July 28, 2023, we entered into an agreement to lease a satellite office space in Amsterdam, Netherlands for a twelve-month term at a rate of approximately 5,400 € per month.
+Added: Such agreement automatically renews for successive periods unless cancelled with no less than three months’ notice prior to the end of the current term.
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.