SECURITIES AND EXCHANGE COMMISSION
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Item 1.01 Entry into a Material Definitive Agreement.
On May 16, 2022, Aura Biosciences, Inc. (the “Company”) entered into a Lease (the “Lease”) with Ice Box, LLC (the “Landlord”), effective May 13, 2022, to lease approximately 29,836 square feet of office and laboratory space located at 80 Guest Street, Brighton, Massachusetts (the “Premises”) for the Company’s new principal corporate offices.
The term of the Lease will commence on August 1, 2022 (the “Commencement Date”). The initial term of the Lease is ten (10) years following the Commencement Date. The Company has the option to extend the Lease once for seven (7) years upon notice to the Landlord at least one (1) year prior to the end of the then-current term. The Lease provides for annual base rent of approximately $3.1 million for the first year, which increases on a yearly basis by approximately 3.0% plus certain costs, taxes and operating expenses related to the Premises.
As a security deposit, the Company has obtained a standby letter of credit (the “Letter of Credit”) in the amount of approximately $0.77 million, which may be drawn down by the Landlord to be applied for certain purposes upon the Company’s breach of any provisions under the Lease. Provided that no default occurs under the terms of the Lease, the Company will be entitled to full return of the Letter of Credit amount within 60 days after the date fixed as the end of the lease, upon meeting certain conditions.
The foregoing description of the Lease does not purport to be complete and is qualified in its entirety by reference to such agreement, which the Company intends to file as an exhibit to its next periodic report filed under the Securities Exchange Act of 1934, as amended.
Item 2.03 Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.
The information included in Item 1.01 of this Current Report on Form 8-K is incorporated into this Item 2.03 of this Current Report on Form 8-K by reference.
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 hereunto duly authorized.
|Date: May 18, 2022||AURA BIOSCIENCES, INC.|
|Elisabet de los Pinos, Ph.D.|
|President and Chief Executive Officer|