Item 2. Properties
ITEM 2. PROPERTIES
We lease office and laboratory space, which consists of approximately 5,000 square feet and 1,750 square feet located in Bala Cynwyd, PA and Philadelphia, PA, respectively. Our office lease expires in August 2023 with an option to extend the lease for an additional three years, and our laboratory lease expires in December 2020, with an option to extend the lease for an additional two years.
The Company is party to an operating lease for approximately 17,705 square feet of office space in Boston, Massachusetts (the “Boston Lease”). The Boston Lease expires in October 2029. On October 27, 2020, the Company entered into a sublease agreement whereby the Company subleased all 17,705 square feet of office space leased under the Boston Lease until October 2029.
The Company believes that it will need to increase both its office and laboratory facilities in the near term. We believe that both appropriate office and laboratory space will be readily available on commercially reasonable terms.
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