other material
confidence high
sentiment neutral
materiality 0.55
Capricor signs lease for 171K sq ft HQ; rent abatement, FDA approval contingency
CAPRICOR THERAPEUTICS, INC.
- Lease for 171,000 rentable sq ft at 9625 Towne Centre Dr, San Diego, as new HQ with manufacturing cleanrooms.
- Initial monthly base rent ~$958K ($5.60/sq ft), escalating 3% annually; 18-month full rent abatement then 6-month partial.
- Lease term 138 months from rent commencement; commencement tied to earlier of FDA approval satisfaction or Dec 31, 2026.
- If FDA approval of Deramiocel for Duchenne muscular dystrophy not obtained by Dec 31, 2026, either party may terminate.
- Security deposit ~$958K in cash or letter of credit; Capricor responsible for taxes, insurance, operating costs.