Item 1.01
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Entry into a Material Definitive Agreement.
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On February 11, 2021, Regulus Therapeutics Inc. (the Company) entered into a lease agreement (the Lease) with ARE-SD Region No. 58, LLC (Landlord) for the lease of approximately 13,438 square feet of rentable area of the building located at 4224 Campus Point Drive, Suite 210, San Diego, California 92121
(the New Premises). The commencement date of the Lease is expected to be on or before April 15, 2021 (the Commencement Date). The Company expects to use the New Premises as its new principal executive offices and as a
laboratory for research and development, manufacturing, and other related uses. The term of the Lease (the Initial Term) is five years, ending May 1, 2026 (assuming an April 15, 2021 Commencement Date). The aggregate base rent
due over the Initial Term under the terms of the Lease is approximately $3.9 million (without giving effect to certain rent abatement terms). The Company will also be responsible for the payment of additional rent to cover the Companys
share of the annual operating expenses of the building, the annual tax expenses of the building and the annual utilities costs for the building. In the event of a default of certain of the Companys obligations under the Lease, Landlord would
have the right to terminate the Lease and recover damages as provided by the lease contract and by law.
On February 11, 2021, concurrently with
entry into the Lease, the Company entered into an Assignment and Assumption of Lease (the Assignment Agreement) with Turning Point Therapeutics, Inc. (Turning Point) assigning its lease agreement (the Prior Lease)
with ARE-SD Region No. 44, LLC for the premises located at 10628 Science Center Drive, Suite 225, San Diego, California 92121 (the Prior Premises). Pursuant to the Assignment Agreement,
Turning Point will pay to the Company $60,000 in exchange for an assignment of all of the Companys rights and obligations under the Prior Lease. The Company is obligated under the Assignment Agreement to deliver the Prior Premises to Turning
Point within five days of the Landlords delivery of the New Premises to the Company (the Assignment Date)
On February 11, 2021,
concurrently with entry into the Lease and the Assignment Agreement, the Company, Turning Point and ARE-SD Region 44, LLC entered into a Consent to Assignment (the Consent) pursuant to which the
Company shall be released from all of its obligations under the Prior Lease on the Assignment Date.
The foregoing descriptions of the Lease and the
Assignment Agreement are qualified in their entirety by reference to the Lease and the Assignment Agreement, copies of which will be filed as exhibits to the Companys Annual Report on Form 10-K for the
year ended December 31, 2020.