−Removed: In October 2021, we entered into a joint lease agreement with S Real Estate Holding, LLC (an affiliate of our Executive Vice President and Chief Scientific Officer) for the purpose of establishing a new corporate headquarters that combines the Company’s research facility and corporate offices, including corporate, R&D, and manufacturing operations, in San Diego, California.
+Added: In October 2021, we entered into a joint lease agreement with S Real Estate Holding, LLC (an affiliate of our Chief Executive Officer and Executive Vice President, Chief Scientific Officer) for the purpose of establishing a new corporate headquarters that combines the Company’s research facility and corporate offices, including corporate, R&D, and manufacturing operations, in San Diego, California.
In connection with entering into the joint lease agreement, we entered into a co-tenant agreement with S Real Estate Holdings, LLC, to share costs related to the leased premises.
3 unchanged sentences
At commencement, base rent due under the lease was approximately $11 thousand and increases approximately 3.5% per annum over the lease term.
−Removed: Pursuant to the co-tenant agreement with S Real Estate Holdings, LLC, we are liable for 40% of total base rent and variable lease charges due under the joint lease agreement.
+Added: Pursuant to the co-tenant agreement with S Real Estate Holdings, LLC, we are liable for 40% of total base rent and variable lease charges due under the joint lease agreement as of the year ended December 31, 2024.
+Added: As of January 2025, we are liable for 75% of total base rent and variable lease charges due under the amendment to the joint lease agreement.
+Added: Refer to Note 13 – Subsequent Events within the consolidated financial statements for further discussion.
We also lease supplemental office space in a building adjacent to our new corporate headquarter from the same landlord.
3 unchanged sentences
The current lease expires in November 2025.
−Removed: As of December 31, 2023, the base rent was approximately $19 thousand per month.
+Added: At December 31, 2024, the base rent was approximately $19 thousand per month.
The laboratory is used to develop and manufacture our research products and the administration facility is used for sales and marketing, and general administration purposes.
5 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.