aibioIovance moves San Carlos headquarters to smaller space, cutting monthly rent
Tickers IOVA
A 24-month sublease with Vaxcyte at $99,549.53 per month replaces a lease with original monthly rent of $279,540.80.
Key facts
- Company
- Iovance Biotherapeutics, Inc. (NASDAQ: IOVA)
- News type
- Distress
- Primary source
- Iovance Biotherapeutics, Inc. 8-K (2024-11-21)
Iovance Biotherapeutics, Inc. (IOVA) will move its offices within the same San Carlos, California building. On November 15, 2024, it signed a sublease with Vaxcyte, Inc. for Suite 100 of 825 Industrial Road, about 16,731 rentable square feet. The company cites more remote employees and efforts to find cost reductions.
The sublease runs for 24 months from delivery of the space, with two options to extend for 12 months each. Monthly base rent is $99,549.53 for the first 12 months and $102,535.93 for the second 12 months, plus operating expenses. The filing says that is a reduction from the original monthly base rent of $279,540.80 under the prior lease, which also had a 3% annual increase.
On the same day, Iovance signed an agreement with the landlord to end its prior lease for Suite 400, which covers 49,918 rentable square feet. It ends on the earlier of the date Iovance vacates or 11:59 p.m. Pacific Time on December 31, 2024. Iovance also agreed to pay the landlord a lease modification payment.