Item 2. Properties
ITEM 2.
PROPERTIES
On December 17, 2013, we entered into a lease
(the “ Lease ”), as subsequently amended on January 22, 2019, with 257 Simarano Drive, LLC, Brighton Properties, LLC,
Robert Stubblebine 1, LLC and Robert Stubblebine 2, LLC to lease office and laboratory space in the building known as the “Main
Building” located at 257 Simarano Drive, Marlborough, Massachusetts, covering 7,581 square feet. The premises are used by the Company
for office and laboratory space. The term of the Lease commenced on April 1, 2014 and expires on March 31, 2024, for a total
of a ten year lease term. The base rent for the premises is $124,865 per annum, payable on a monthly basis. Each year thereafter, the
base rent shall increase by approximately 3% over the base rent from the prior year. With six months’ advance notice, either party
had the option to terminate the lease on March 31, 2021, paying the non-terminating party six months’ rent as a penalty or on March
31, 2022, paying the non-terminating party three months’ rent as a penalty. The option to terminate the Lease early was not exercised
by either party and has expired.
We believe that our facilities are suitable for
our current needs.
ITEM 3.
LEGAL PROCEEDINGS
From time to time, we may become a party to various
legal proceedings and complaints arising in the ordinary course of business. To our knowledge, we are not currently a party to any actual
or threatened material legal proceedings.
ITEM 4.
MINE SAFETY DISCLOSURES
Not applicable.
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PART II.
Text extracted from the filing as submitted to EDGAR. Formatting, tables and exhibits are simplified for reading; the original document is authoritative for anything you rely on.