On February 28, 2023 Applied DNA Sciences, Inc. (the "Company") reported that it has entered into that certain Amended and Restated Lease Agreement with Long Island High Technology Incubator, Inc. (the "Landlord") with respect to the Company’s office space consisting of 30,000 gross rentable square feet in the building known as LIHTI 2 located at 50 Health Sciences Drive, Stony Brook, New York 11790 (the "Office Lease" ) (Filing, 8-K, Applied DNA Sciences, FEB 28, 2023, View Source [SID1234627920]). Also on February 24, 2023, the Company entered into that certain Amended and Restated Lease Agreement with the Landlord with respect to the Company’s laboratory space consisting of an aggregate of 2,500 gross rentable square feet located at 25 Health Sciences Drive, Stony Brook, New York 11790 (the "Laboratory Lease").

Schedule your 30 min Free 1stOncology Demo!
Discover why more than 1,500 members use 1stOncology™ to excel in:

Early/Late Stage Pipeline Development - Target Scouting - Clinical Biomarkers - Indication Selection & Expansion - BD&L Contacts - Conference Reports - Combinatorial Drug Settings - Companion Diagnostics - Drug Repositioning - First-in-class Analysis - Competitive Analysis - Deals & Licensing

                  Schedule Your 30 min Free Demo!

The term of the Office Lease commenced on February 1, 2023 and expires on January 31, 2026, unless terminated prior to such expiration date as provided in the Office Lease. The term of the Laboratory Lease commenced on February 1, 2023 and expires on January 31, 2024, unless terminated prior to such expiration date as provided in the Laboratory Lease.

Under the Office Lease, beginning on February 1, 2023 and ending on January 31, 2024, the base rent will be $48,861.17 per month. Beginning on February 1, 2024, the base rent under the Office Lease shall be increased in February of each year by a percentage equal to the percentage change in the Consumer Price Index statistics published by the United States Bureau of Labor Statistics. Under the Laboratory Lease, beginning on February 1, 2023 and ending on January 31, 2024, the base rent will be $8,750 per month.

The foregoing descriptions of the Office Lease and the Laboratory Lease contained in this Current Report on Form 8-K do not purport to be complete and are qualified in their entirety by reference to the Office Lease and Laboratory Lease, copies of which are filed as Exhibit 10.1 and Exhibit 10.2, respectively.

Item 2.03 Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant.

The descriptions of the Office Lease and the Laboratory Lease in "Item 1.01 Entry into a Material Definitive Agreement" of this Current Report on Form 8-K are incorporated by reference in their entirety into this Item 2.03.