Item 2. Properties
Item 2. Properties.
Our principal executive office is located in Wilmington, Delaware where we license & lease space in two buildings for a total of approximately 39,294 square feet of office and laboratory space that is utilized for administrative, research and development and other business related activities. The license covering our laboratory, supportive, and executive offices expires on December 31, 2022, with an option to renew for an additional 12 months thereafter. Our secondary office presence is leased through June 30, 2022.
On November 30, 2021, we entered into a lease agreement (the “Chestnut Run Lease”) for approximately 81,000 square feet of office and laboratory space that we intend to use for administrative, research and development and other activities located at Chestnut Run Plaza in Wilmington, Delaware. The Chestnut Run Lease has an initial term of 162 months from the earlier of (i) the Landlord Work Substantial Completion Date (as such term is defined in the Chestnut Run Lease) or (ii) the date the Company takes possession of the premises for the conduct of the Company’s business. We have an option to extend the term of the lease by up to three additional five-year terms and certain expansion rights.
We believe that our facilities are sufficient to meet our current needs and that suitable additional space will be available as and when needed.
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