Item 2. Properties
ITEM 2.
Properties
We maintain a month-to-month lease for our research facilities at the Princeton Innovation Center BioLabs located at 303A College Road E, Princeton, NJ 08540.
We entered into a temporary month-to-month lease as of September 1, 2019 for office space located at 830 Morris Turnpike, Short Hills, NJ 07078 until we entered into a new lease
for permanent office space. This lease was terminated on May 31, 2020.
On March 10, 2020, we entered into a sublease agreement, effective as of March 5, 2020, to occupy our corporate and executive office located at 25B Vreeland Road, Suite 300,
Florham Park, NJ. The sublease commenced on May 1, 2020 and continues for a term of approximately forty (40) months with an option to renew through October 31, 2027. On March 17, 2020, the master lessor provided its consent to the sublease in
accordance with the terms of the sublease.
On July 8, 2019, we entered into a lease termination agreement for our office space located at 300 Connell Drive, Suite 4000, Berkeley Heights, NJ 07922 effective August 31, 2019,
or the Lease Termination Agreement. Pursuant to the Lease Termination Agreement, we were required to pay 50% of the remaining lease payments of $665,802 over three installments on September 1, 2019, December 1, 2019, and March 1, 2020.
We believe our current facilities are suitable and adequate to meet our current needs.
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