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 $140,201
as of December 31, 2022, and such amount is deposited into the restricted cash account maintained at the bank that issued the letter of
credit.
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 May 2022, we signed a one-year extension, expiring in November 2023. In
connection therewith, we maintain a letter of credit, which has a remaining balance of $100,653 as of December 31, 2022, and such amount
is deposited into the restricted cash account maintained at the bank that issued the letter of credit.
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, 2022, the asset was operational and the asset was ready for its intended use.
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, 2022, the facility was not ready for its intended
use.
On
September 28, 2020, we completed the purchase of our 45,000 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, 2022, the facility was operational and
ready for its intended use.
Future
minimum lease payments are as follows (in thousands):
Year Ending December 31,
2023
$
441
2024
164
2025
159
2026
9
2027
2
775
Included interest
(15
)
$
760
We
believe that our existing facilities are suitable and adequate to meet our current business requirements.
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