Item 2. Properties
ITEM
2 – PROPERTIES
We maintain our principal office at 26 Main Street, Suite 101, Chatham,
New Jersey 07928. Our telephone number at that office is (862) 799-8599 and our fax number is (212) 923-5700. On August 28, 2020, we entered
into a lease, whereby we agreed to lease new office space, commencing September 2020 and expiring December 2025. In connection therewith,
we maintain a letter of credit, which has a remaining balance of $139,729 as of December 31, 2021, and such amount is deposited into the
restricted cash account maintained at the bank that issued the letter of credit. The total square footage of our principal office space
is approximately 4,269.
On
December 6, 2018, we entered into a lease amendment, whereby we agreed to lease new office space in New York, New York, commencing
January 15, 2019, and expiring on November 30, 2020. In August 2020, we signed a one-year extension, expiring in November 2021.
In September 2021, we signed a one-year extension, expiring in November 2022. In connection therewith, we maintain a letter of
credit, which has a remaining balance of $100,314 as of December 31, 2021, and such amount is deposited into the restricted cash
account maintained at the bank that issued the letter of credit. The total square footage of our office space is approximately
2,658.
On October 1, 2021, we completed the purchase of a research and development
facility in Maryland totaling $17.5 million, to process development activities. As of December 31, 2021, the asset was operational but
the asset was not ready for its intended use. It is our intention to have the facility ready for use in the first half of 2022.
On
March 5, 2021, we announced that we had entered into a $2.9 million non-binding Purchase and Sales Agreement in connection with
a property in Massachusetts that is expected to close in the second quarter of 2022. The Property is intended for process development
activities.
On December 23, 2020, we completed
the purchase of our approximately 44-acre site in Hamilton, Montana for $4.5 million, for the construction of a vaccine development and
commercial scale manufacturing facility. As of December 31, 2021, the facility was not ready for its intended use.
On September 28, 2020, we completed
the purchase of our 40,000 square foot facility in Massachusetts for $4.0 million, to house our new Advanced Development Center for accelerated
development and manufacturing of vaccines. As of December 31, 2021, the facility was not ready for its intended use.
Future
minimum lease payments are as follows (in thousands):
72
Year Ending December 31,
2022
$
511
2023
169
2024
145
2025
150
975
Included
interest
(19
)
$
956
We
believe that our existing facilities are suitable and adequate to meet our current business requirements.