Ardelyx Inc.

10/09/2024 | Press release | Distributed by Public on 10/09/2024 14:05

Material Agreement Form 8 K

Item 1.01 Entry into a Material Definitive Agreement.
On October 3, 2024, Ardelyx, Inc. (the "Company") and BMR-Pacific Research Center LP (the "Landlord") entered into a Lease Agreement (the "New Fremont Lease") whereby the Company will lease approximately 15,000 square feet on the first floor (the "New Fremont Premises") of the building located at 7999 Gateway Boulevard, Newark, California.
The initial term of the New Fremont Lease will be thirty-nine (39) months and the Company will have one (1) option to extend the term by sixty (60) months. The Company has requested certain tenant improvements be made to the New Fremont Premises, which the Landlord will conduct at Landlord's expense. The initial term of the New Fremont Lease will commence once the tenant improvements are complete, which is estimated to be February 10, 2025.
The initial monthly base rent will equal three and 15/100 dollars ($3.15) per square foot of rentable area of the New Fremont Premises and will be subject to an annual upward adjustment of three and a half percent (3.5%) of the then-current base rent.
In connection with entering into the New Fremont Lease, the Company and the Landlord entered into a sixth amendment (the "Sixth Amendment") to the Company's existing lease (the "Existing Fremont Lease") whereby the Company leases certain premises at 34175 Ardenwood Boulevard in Fremont, California, which amends the expiration date of the Existing Fremont Lease to be the date that is the later of (a) March 10, 2025, and (b) the date that is the actual "Term Commencement Date" under the New Fremont Lease.
The foregoing description of the terms of the New Fremont Lease and the Sixth Amendment to the Existing Fremont Lease are not complete and are qualified in their entirety by reference to the New Fremont Lease and the Sixth Amendment to the Existing Fremont Lease, which are filed as Exhibits 10.1 and 10.2, respectively, to this Current Report on Form 8-K and are incorporated herein by reference.