Item 2. Properties
Item 2. Properties.
As part of our strategic partnership with UT Southwestern, we are provided with office space at UT Southwestern for administrative activities. In addition, in January 2021, we entered into a lease agreement for 15,000 square feet of administrative space in Dallas, Texas, pursuant to a lease agreement that expires approximately ten years after the date on which certain improvements to the office space have been made and it is tendered to us for possession, which we presently anticipate to be delivered on or about April 15, 2021. In December 2020, we entered into a lease agreement for approximately 187,500 square feet of a manufacturing facility in Durham, North Carolina, pursuant to a lease agreement that expires in September 2036. We have two options to extend the term of that lease, each for a period of an additional five years.
We believe that our facilities are suitable and adequate to meet our needs. We intend to add new facilities or expand existing facilities as we add employees, and we believe that suitable additional or substitute space will be available as needed to accommodate any such expansion of our operations.
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