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 $144,745 as of December 31, 2024, and such amount is deposited into the restricted cash account maintained
at the bank that issued the letter of credit.
We
own and operate a research and development facility in Frederick, Maryland used for process development activities.
We own an approximately 44-acre site in Hamilton, Montana, for the construction
of a vaccine development and commercial scale manufacturing facility. As of December 31, 2024, the facility was not ready for its intended
use.
We
own a 45,000 square foot facility in North Dartmouth, Massachusetts that houses our Advanced Development (“ADC”), for accelerated development and manufacturing of vaccines. During the fourth quarter of 2023, the
Company engaged CBRE, an international real estate brokerage firm, to potentially find a strategic partner for, or buyer of, its
ADC. During the second quarter of 2024, the Company decommissioned its ADC facility. As of December 31, 2024, the Company does
not have a commitment in place to sell the ADC.
Future
minimum lease payments are as follows (in thousands):
Year Ending December 31,
2025
$
299
2026
142
2027
139
2028
101
2029
7
688
Included interest
(56
)
$
632
We
believe that our existing facilities are suitable and adequate to meet our current business requirements.
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