Cabaletta Bio Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement
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SECURITIES AND EXCHANGE COMMISSION
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Item 1.01 Entry Into a Material Definitive Agreement.
On September 30, 2024, Cabaletta Bio, Inc. (the “Company”) entered into an Amendment to Service Agreement (the “Lease Amendment”) with CIC Innovation Communities, LLC (“CIC”), to be effective as of October 1, 2024, which amends the Company’s existing Service Agreement with CIC, dated as of February 1, 2019, as amended December 1, 2021 (the “Existing Lease” and, together with the Lease Amendment, the “Lease”), to revise the Company’s payment obligations and termination rights for office and laboratory space leased under the Existing Lease (the “Premises”).
The Lease provides that (i) either party may terminate the Lease or individual office or laboratory space on 30 days’, for office space, and 90 days’, for laboratory space, written notice by either party for any reason or no reason, and (ii) CIC may terminate the Lease in accordance with certain provisions of the Lease related to breach or bankruptcy.
In exchange for discounts to the existing monthly rental fee structure, the Lease Amendment provides that neither party may terminate the lease for the Premises during the period October 1, 2024 through August 31, 2026 (the “Initial Term”), except (i) by mutual agreement, in writing, signed by both parties, or (ii) by CIC in accordance with certain provisions of the Lease related to breach or bankruptcy. The Lease Amendment also provides the Company with an option to extend the Initial Term of the Lease Amendment for two additional 18 month terms (each, an “Extension Term”). Should the Company exercise such option, the termination rights applicable to the Initial Term as set forth in the Lease Amendment will apply to each of the Extension Terms. The aggregate rent for the Premises is approximately $240,000 per month, an aggregate of $5.5 million over the Initial Term under the Lease Amendment.
The Registrant plans to file the Lease, encompassing the Existing Lease, as amended, and the Lease Amendment, as an exhibit to its Quarterly Report on Form 10-Q for the quarter ending September 30, 2024, with confidential portions redacted. The foregoing description is qualified in its entirety by reference to the complete text of the Lease when filed.
SIGNATURES
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned thereunto duly authorized.
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Cabaletta Bio, Inc. |
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Date: September 30, 2024 |
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By: |
/s/ Steven Nichtberger |
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Steven Nichtberger, M.D. |
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President and Chief Executive Officer |