Kura Oncology Signs Lease Agreement for New Executive Offices

Kura Oncology, Inc. (NASDAQ:KURA) recently announced on January 13, 2025, that the company has entered into a lease agreement with HCP Life Science REIT, Inc. for the lease of approximately 32,512 square feet of office space in San Diego, California. The lease is for the building located at 4930 Directors Place, San Diego, and the company is expected to utilize the space for its new principal executive offices, general office use, research and development, and laboratory purposes.

The initial term of the lease is set at seven years and eight months, with an option for the company to extend for an additional five years. The minimum rent payable is estimated at around $183,693 per month for the first year, with subsequent annual increases of 3.0% over the initial term. Additionally, the company will be responsible for additional rent covering the annual operating expenses, tax expenses, and utilities costs for the building.

As part of the agreement, the landlord will provide certain incentives to the tenant, including base rent abatement and a tenant improvement allowance, subject to specific conditions. In case of default by the company, the landlord retains the right to terminate the lease and recover unpaid rent and expenses. Kura Oncology also has the option to terminate the lease early by providing notice at least 12 months in advance and paying an early termination fee.

It’s important to note that the foregoing description of the lease agreement is not exhaustive and is subject to the complete terms outlined in the actual agreement. The company plans to include a copy of the lease in its Annual Report on Form 10-K for the year ended December 31, 2024.

This report falls under Item 1.01, Entry into a Material Definitive Agreement, and Item 2.03, Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant as per the requirements of the Securities Exchange Act of 1934.

Kura Oncology authorized the filing of this current report on January 14, 2025, with Teresa Bair, Chief Legal Officer, signing on behalf of the company.

This article was generated by an automated content engine and was reviewed by a human editor prior to publication. For additional information, read Kura Oncology’s 8K filing here.

About Kura Oncology

Kura Oncology, Inc, a clinical-stage biopharmaceutical company, develops medicines for the treatment of cancer. The company’s pipeline consists of small molecule product candidates that target cancer. Its lead product candidates are ziftomenib, an orally bioavailable small molecule inhibitor of the menin-KMT2A interaction for the treatment of genetically defined subsets of acute leukemias, including acute myeloid leukemia and acute lymphoblastic leukemia; tipifarnib, an orally bioavailable farnesyl transferase inhibitor combination with alpelisib for patients with PIK3CA-dependent HNSCC; and KO-2806, a farnesyl transferase inhibitor for the treatment of solid tumors.