Iovance Biotherapeutics Signs New Headquarters Lease and Terminates Previous Lease Agreement

Iovance Biotherapeutics, Inc. (NASDAQ: IOVA), a Delaware-based biotechnology company, has recently announced significant changes in its office locations and lease agreements. On November 15, 2024, the company finalized a sublease agreement with Vaxcyte, Inc. for Suite 100 at 825 Industrial Road, San Carlos, California. This move comes as part of the company’s strategic initiatives to accommodate the growing number of remote employees, particularly in the local Bay Area, and to explore cost reduction opportunities.

Under the terms of the new agreement, Iovance Biotherapeutics will lease approximately 16,731 rentable square feet of space within the same building as its current headquarters. The initial term of the New Headquarters Lease is set for 24 months, with two options to extend the lease for 12 months each under specific conditions. The monthly base rent for the first 12 months will be $99,549.53, followed by $102,535.93 for the subsequent 12 months, reflecting a substantial reduction compared to the prior lease agreement’s original monthly base rent.

Simultaneously, the company has terminated its previous Lease Agreement with the Landlord for Suite 400 of the same building, which encompassed 49,918 rentable square feet. The termination agreement, effective by the end of December 31, 2024, involves surrendering the prior premises and making a lease modification payment to the Landlord.

These strategic real estate decisions align with Iovance Biotherapeutics’ ongoing efforts to streamline operations, enhance cost efficiency, and adapt to the evolving work environment. The company’s relocation within the same premises signifies a shift towards optimizing its office space utilization and reducing operational expenses.

While the details of the lease agreements are summarized here, the complete terms and conditions of both the New Headquarters Lease and the Termination Agreement will be filed as exhibits in the company’s upcoming periodic report with the U.S. Securities and Exchange Commission (SEC).

For more information on Iovance Biotherapeutics’ recent developments and financial updates, investors and stakeholders are encouraged to stay tuned for the company’s future disclosures.

This press release contains forward-looking statements, which are subject to various risks and uncertainties. Actual results may differ materially from those anticipated in these statements. Readers are advised to refer to the company’s SEC filings for a comprehensive understanding of the risks associated with the business.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Iovance Biotherapeutics’s 8K filing here.

Iovance Biotherapeutics Company Profile

Iovance Biotherapeutics, Inc, a commercial-stage biotechnology company, develops and commercializes cell therapies using autologous tumor infiltrating lymphocyte for the treatment of metastatic melanoma and other solid tumor cancers in the United States. The company offers Amtagvi, a tumor-derived autologous T cell immunotherapy used to treat adult patients with unresectable or metastatic melanoma; and Proleukin, an interleukin-2 product for the treatment of patients with metastatic renal cell carcinoma.